Zadeh Kicks LLC “Dissolves”

The online pre-order sneaker business hangs customers out to dry.

Zadeh Kicks, a well-known online retailer specializing in pre-orders for coveted sneaker models, has “dissolved” as stated on their website. Zadeh Kicks has shut down its website and its Instagram account. 

Update: The FBI has opened a criminal investigation of Zadeh Kicks. If you believe you were a victim, you can contact the FBI at 1-800-CALL-FBI or tips.fbi.gov. No one should attempt to contact Michael Malekzadeh or his family directly.

The company Best Value Basketball Shoes as a resource to find certain sneaker models below retail. They recently rose in popularity after offering pre-orders on the upcoming hyped sneaker releases.

Best Gifts for Athletes:

On May 20, 2022, David P. Stapleton was appointed by the Circuit Court for the State of Oregon for the County of Lane to serve as Receiver with certain roles identified in the Order Appointing Receiver. The owner of Zadeh Kicks LLC petitioned the court for voluntary dissolution under Court supervision and the appointment of a Receiver in order to protect and preserve the assets belonging to the Receivership Estate and to assist in the dissolution of the business.

The Receiver will provide updates as they become available. Please report back to this website periodically to stay apprised of events regarding the dissolution/liquidation of the business.

In the meantime, please direct all inquiries or correspondence to the Receiver at zadehkicks@stapletoninc.com

Now, after nearly a decade in the sneaker business, Michael Malekzadeh, creator of Zadeh kicks, has been charged by federal authorities last week. He plans to plead not guilty to charges of wire fraud, conspiracy to commit bank fraud, and money laundering. He faces as much as 30 years if convicted on the most serious count, conspiracy to commit bank fraud.

Zadeh Kicks appeared to be running its operation smoothly for years, all the way up to the pandemic. During this time, demand skyrocketed and Malekzadeh got in way over his head.  

Customers’ orders started to not be fulfilled and Malekzadeh bullied customers and lied to them to keep the ship afloat. He offered store credit and gift cards that would more than make up the difference, prosecutors say. The strategy kept the scam going for some time and even enriched certain customers who got in and out before other people.

It’s remarkable Malekzadeh got as far as he did. Zadeh Kicks lacked a sophisticated system to process orders, track inventory and ship the product. Other than his fiancee, who’s also being charged for her part as chief financial officer of Zadeh Kicks, Malekzadeh ran alone. Prosecutors say he falsified over 15 loan applications for more than $15 million in bank financing.

February 9, 2024 recent Bloomberg article, the Air Jordan 11 Cool Grey release was the breaking point:

Zadeh Kicks sold 600,000 pairs. It only had 6,000.

Most customers never got the shoes they paid for. Zadeh Kicks, however, pocketed $70 million, prosecutors say.

According to court documents, Malekzadeh spent much of his profits on Bentleys, Ferraris and Lamborghinis. Some $3 million went to Louis Vuitton bags, jewelry, furs and watches as expensive as $600,000 a piece. 

So far, the FBI has seized $6.1 million in cash from Malekzadeh, plus watches, as well as about 1,100 pairs of sneakers from his personal collection.

Bloomberg

Can I get my money back from Zadeh Kicks?

Many customers have money tied up in the whole debacle. If you are looking to recuperate your money, email zadehkicks@stapletoninc.com as soon as possible.

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