Ex-Colorado athletics employee admitted to misusing Nike funds year before arrest

Ex-Colorado athletics employee admitted to misusing Nike funds year before arrest.

Key points

• He overspent his allotment every year from 2022 to 2025, including by $6, 011 in 2025 and $2, 304 in 2024, the report stated.
• Hilliard is accused of overspending his Nike gear allotment by $9, 500 from fiscal year 2022 through the fiscal year ending in June 2025.
• This employment perk is part of the university's sponsorship contract with Nike and included an allotment of $621 to $625 annually for employees like Hilliard from 2022-25.
• That's $6, 011 more than his allotted amount of $625 for fiscal 2025.
• The internal audit investigation happened after then-Colorado athletic director Rick George notified the audit department regarding feasible misconduct involving Hilliard in July 2025.

Meanwhile, the former University of Colorado athletics department employee who is facing theft and embezzlement charges in Boulder admitted to misusing Nike funds at the school four months before his hiring as the chief financial officer of USA Swimming in December 2025, according to an internal university audit report obtained by USA TODAY Sports.

Notably, the former employee, Cory Randall Hilliard, 54, is facing three criminal counts related to his administration of the university's Nike Elite program. It provides athletic department employees with funds to purchase Nike merchandise.

"I did it. I admit it, " Hilliard informed the university's audit department on July 30, 2025, according to the internal audit report.

Meanwhile, the audit report was dated Aug. 7, 2025. Hilliard left his job at the university the same month, according to his LinkedIn account. He afterwards was hired as the CFO of USA Swimming in December 2025. He then resigned from USA Swimming after his arrest on these charges in August 2026, one year after the audit report.

Hilliard is accused of overspending his Nike gear allotment by $9, 500 from fiscal year 2022 through the fiscal year ending in June 2025. Any admission to the university's audit department is not the same as pleading guilty in court. It he has not done. He is due to be arraigned in Boulder in October, where he is projected to enter a plea then. His attorney declined comment when reached by USA TODAY Sports. USA Swimming issued a statement to USA TODAY Sports Sept. 17.

"USA Swimming engaged an independent search firm and conducted its own due diligence, including speaking directly with CU Athletics, " the statement remarked. "The information now being raised was not disclosed to USA Swimming during that process." What happened with these Nike funds at Colorado?

Notably, the university's internal report observed how each full-time athletics department employee at Colorado is allotted a certain amount of funds to spend on Nike gear in an online account. This employment perk is part of the university's sponsorship contract with Nike and included an allotment of $621 to $625 annually for employees like Hilliard from 2022-25.

Hilliard served as administrator of this Nike program and could adjust his allocation for the Nike Elite account at any time "without anyone else knowing, " as the report notes. He overspent his allotment every year from 2022 to 2025, including by $6, 011 in 2025 and $2, 304 in 2024, the report stated. The report remarked Hilliard's actions resulted in the loss of $9, 501.50, "which could have been used for CU sports teams."

"When questioned if he spent over his allotted $625, he said he did, but it was to purchase Christmas gifts, such as bags and luggage, for the staff within the CU Department of Athletics, " the report remarked. "When IA (internal audit staff) informed Hilliard that the orders for Nike items purchased appeared to be mostly for the men's items in the same size, either sizeable or extra-large, and the men's pants with a size 36-32, Hilliard admitted that he had purchased those items for himself. Hilliard remarked he could not put a percentage on the total number of items he purchased for himself versus the items he purchased for the staff. Hilliard remarked he did not have permission to exceed his allotted amount of $625."

University audit report states employee was 'remorseful'.

According to the report, from Aug. 21, 2024 to June 27, 2025, Hilliard created 59 orders through his Nike Elite account valued at $6, 636 wholesale, all of which were sent to his home address except one. That's $6, 011 more than his allotted amount of $625 for fiscal 2025.

"When asked why he overspent his allotted amount, Hilliard said he did so because he had access to the excess Nike Elite funds, and it was an error and a misjudgment by him, " the report stated. "Hilliard then remarked, 'I did it. I admit it.' Hilliard appeared to be remorseful for his actions and informed IA that he would be willing to be taxed on the funds over his allotted amount."

Notably, the internal audit investigation happened after then-Colorado athletic director Rick George notified the audit department regarding feasible misconduct involving Hilliard in July 2025. At the time, Hilliard had worked at the university for almost two decades and assisted run the athletics department budget.

University police conducted its own independent investigation. It led to criminal charges in August 2026 for theft, embezzlement of public property and first-degree official misconduct. USA Swimming's hiring history and role in this.

It's not clear why USA Swimming didn't know regarding the internal audit dated almost four months before his hiring was confirmed by the organization in December 2025. After his arrest in August 2026, a spokeswoman for USA Swimming remarked Hilliard was immediately placed on leave without access to any business data or financial controls. The spokeswoman remarked the organization was conducting an investigation. He resigned the next day.

Hilliard's hiring at USA Swimming came the same year that the organization had a separate hiring matter with its CEO. The organization confirmed in February 2025 that Delaware athletic director Chrissi Rawak had been hired for that job. But then Rawak withdrew from it less than 10 days afterwards when the organization learned of a complaint against her at the U.S. Center for SafeSport.

USA Swimming is the national governing body for competitive swimming in the U.S. The organization remarked then the problem with Rawak was not disclosed to the organization during its "rigorous vetting process" of her. The organization issued a similar statement regarding why it didn't know concerning reservations with Hilliard. University of Colorado's history with Nike.

Colorado has had a contract with Nike since 1995 and discovered the misappropriated funds during a review of its accord with the business, according to the audit report. That accord was worth $4.75 million in product allotment in fiscal 2025, $90, 000 of which was allocated for the Nike Elite program.

In practice, the school signed a new five-year accord with Nike in September 2025. Colorado's relationship with the firm additionally played a role in getting head football coach Deion Sanders to return to the Nike fold in 2023 after years of estrangement. Follow reporter Brent Schrotenboer @Schrotenboer. Email: [email protected]. (This story was updated to add new information.). Share your feedback to support improve our site!

For now, ex-Colorado athletics employee admitted to misusing Nike funds year before arrest remains the part of the story worth watching, and further updates are likely as more details are confirmed.