As if the sneaker resell market wasn’t sketchy enough, it just took a dark turn.
Among the biggest secondary market slingers is Michael Malekzadeh, who’s also known as the infamous Zadeh Kicks. The online outlet became popular as sneakerheads were willing to pay a premium to avoid going to great lengths to win raffles, but now it appears Zadeh’s business is over. Now, his website has been seized by the Circuit Court of Oregon in Lane County.
In response, it’s been reported that Zadeh filed a petition to dissolve the business and move all the money to his personal account. This outs buyers on millions of dollars who also won’t see the sneakers they were promised upon ordering.
The unavailable site has left customers angry, so a receivership has been established by court-appointed receiver, David P. Stapleton of the Los Angeles Stapleton Group fiduciary, who will be handling the LLC’s assets.
People who subscribe to his newsletter got an update on the business dealings as the FBI gets to the bottom of it all, reports NiceKicks.
“The receiver has received a significant volume of calls/emails seeking an immediate resolution to individual investor/creditor/customer situations. The receiver will not be returning calls at this time, but has established a receivership telephone hotline and will release this phone number before the end of the week. The receiver will also send a former notice to all investors/creditors/ costumes in the near future,” read the newsletter. “You will have the opportunity to submit a claim as a part of the receivership process. In the interim, you may send your inquiries via an email to email@example.com.”
The receiver is cooperating what the federal government in a criminal investigation as Zadeh has stepped out of the public light.
Zadeh Kicks’ personal social media accounts are gone, and the only posts that remain on his business Instagram account are more than three years old.
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