PORTLAND, Ore. (AP) -- A fired Nike wholesale account executive has been sentenced to more than a year in federal prison for defrauding his former employer out of more than $750,000.
The Oregonian/OregonLive reports 51-year-old David Reichert was sentenced Tuesday after pleading guilty in April to two counts of wire fraud.
Reichert, who worked for the Oregon-based sportswear company for more than 15 years, gave significant discounts to two Missouri-based retail companies he operated with a friend. He never disclosed his ownership interests in the two companies.
Prosecutors say the discounts on Nike merchandise averaged more than 57 percent off the wholesale prices -- nearly three times the discounts he gave to other Nike customers.
Reichert apologized in court to the company and his family, saying he was "embarrassed and ashamed."