Cory Randall Hilliard, who was named USA Swimming CFO in December, has been arrested and charged with theft and embezzlement from his time overseeing a Nike program at the University of Colorado.
As reported by USA TODAY, Boulder County released a statement Monday that said Hilliard was taken into custody after allegedly funneling $9,510.50 away from the university. He is being accused of violating his agreement to oversee the school's Nike Elite program by using money intended for the program on personal expenses.
Hilliard had spent 18 years at Colorado, according to USA TODAY's Victoria Hernandez .His last position with the school was senior associate athletic director for business operations and CFO.
The Boulder County statement said that in July 2025, the school's athletic director, Rick George, alerted the Department of Internal Audit of possible misconduct by Hilliard. By analyzing financial records and transaction history and conducting interviews with members of the athletic department, the university's investigation "revealed that between 2021 and 2025, Hilliard misappropriated University‑provided Nike Elite funds for his personal use."
"The CU Boulder Police Department conducted its own independent investigation" and found cause to arrest Hilliard. The District Attorney’s Office charged him with one count of theft, one count of embezzlement of public property and one count of first degree official misconduct.
USA Swimming told USA TODAY Sports that the organization immediately placed Hilliard on leave after hearing the news of his arrest.
"This morning, we became aware that Cory Hilliard was arrested on charges of financial impropriety related to his time with the University of Colorado Boulder Athletic Department," USA Swimming said in its statement. "We immediately placed Cory on leave and terminated all access to any company data and financial controls. We are now conducting an investigation."
As reported by Abigail Ankeney of The Denver Post, citing an arrest affidavit, Hilliard used the money to buy Nike products and ship them to a house in Superior, Colo. Each CU Athletics employee receives $625 to spend on Nike products every year, as part of the school’s sponsorship deal with the company, according to the affidavit, which adds that Hilliard had full access to the Nike Elite program’s $90,000 budget, and used that to steal more money.
CU is actively working to update its policies with its Nike Elite program to reflect the internal audit’s recommendations, according to CU spokesperson Steve Hurlbert, who told The Denver Post that policy is expected to be finalized by the end of this week, he said.
“CU Boulder does not tolerate fiscal misconduct in any form and once CUPD was notified it took immediate investigative action,” CUPD Chief Ashley Griffin wrote in the release.
Hilliard is scheduled for a review hearing Wednesday in Boulder County District Court, according to online court records cited by Ankeney.
