Sneakerhead Allegedly Operated a Massive Air Jordan Ponzi Scheme

For years, he seemed like a wizard of Niketown – a Lamborghini-loving sneakerhead who made millions peddling rare Air Jordans at crazy low prices.

Now, this consummate shoe salesman has been accusedby federal authorities of masterminding a Ponzi scheme custom-fit to these strange financial times.

After all the get-rich dramas and market mischief of the pandemic economy – from cryptocurrencyto SPACs, to “stonks” and more – it’s come to this: a Bernie Madoff of sneakers.

That, in a nutshell, is how authorities characterize Michael Malekzadeh, of Eugene, Oregon. Prosecutors say Malekzadeh, 39, and his Zadeh Kicks LLC swindled ...