The former owner of Zadeh Kicks, a now-defunct company that sold limited edition and collectible sneakers online has been arrested and charged after allegedly perpetrating a fraud scheme that cost customers more than $70 million in unfulfilled orders and defrauded financial institutions out of over $15 million.Michael Malekzadeh, 39, a from Eugene, , has been charged with wire fraud, conspiracy to commit bank fraud, and money laundering. His fiancée, Bethany Mockerman, 39, has also been charged with conspiring with Malekzadeh to commit bank fraud. Both have pleaded not guilty. Malekzadeh started his business in 2013 by purchasing limited edition and collectible sneakers to resell online - with scarcity and coolness inflating profits - but things really moved into overdrive once the pandemic took hold.
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