A former University of Colorado athletics department employee who is facing embezzlement charges admitted to misusing Nike funds at the school four months before his hiring as chief financial officer of USA Swimming in December 2025.
Cory Randall Hilliard is now facing three criminal counts related to his administration of the school's Nike Elite program, which provides athletic department employees with funds to purchase Nike merchandise.
“I did it. I admit it,” Hilliard told the university’s audit department on July 30, 2025, according to the internal audit report.
According to USA Today Sports, the audit report was dated Aug. 7, 2025. Hilliard left his job at the university the same month.
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, which he has not done. He is due to be arraigned in Boulder in October.
USA Swimming issued the following 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 said. "The information now being raised was not disclosed to USA Swimming during that process."
As part of the school's Nike contract, employees were given an allotment of $621 to $625 annually from 2022-25. Hilliard's actions led to the loss of $9,501.50, which could have been used for 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 said. “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 large or extra-large, and the men’s pants with a size 36-32, Hilliard admitted that he had purchased those items for himself. Hilliard said 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 said he did not have permission to exceed his allotted amount of $625.”
The audit also reported that Hilliard seemed remorseful for his actions.
“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 said, ‘I did it. I admit it.’ Hilliard appeared to be remorseful for his actions and told IA that he would be willing to be taxed on the funds over his allotted amount.”
