Former Colorado Athletics Employee Admitted to Misusing Nike Funds Months Before Landing Top Job

A former University of Colorado athletics department employee who now faces theft and embezzlement charges admitted to misusing Nike funds at the school four months before he was hired as the chief financial officer of USA Swimming, according to an internal university audit report obtained by USA TODAY Sports.

Cory Randall Hilliard, 54, is facing three criminal counts related to his administration of the university's Nike Elite program, which provides athletics employees with funds to purchase Nike merchandise. Hilliard told the university's audit department on July 30, 2025, that he overspent his allotment.

“I did it. I admit it,” Hilliard told auditors, according to the report.

What happened with the Nike funds at Colorado?

The internal report detailed how each full-time athletics employee at Colorado receives an annual allotment of $621 to $625 to spend on Nike gear through an online account. This perk is part of the university's sponsorship contract with Nike.

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

When auditors questioned Hilliard, he initially claimed the extra purchases were Christmas gifts for staff. But when they pointed out the orders were mostly men's items in large and extra-large sizes, he admitted the items were 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,” the report said. “Hilliard said he did not have permission to exceed his allotted amount of $625.”

Auditors found 59 orders sent to his home

From Aug. 21, 2024 to June 27, 2025, Hilliard made 59 orders through his Nike Elite account valued at $6,636 wholesale, all but one sent to his home address. That was $6,011 more than his $625 allotment 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 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.”

The audit was launched after then-Colorado athletic director Rick George notified the audit department about possible misconduct in July 2025. University police conducted their own investigation, leading to criminal charges in August 2026 for theft, embezzlement of public property and first-degree official misconduct.

How did USA Swimming miss the red flags?

The audit report was dated Aug. 7, 2025. Hilliard left the university that same month and was hired as CFO of USA Swimming in December 2025. He resigned from that position after his arrest in August 2026.

It remains unclear why USA Swimming did not know about the internal audit when it announced Hilliard's hiring. After his arrest, a spokeswoman said Hilliard was immediately placed on leave without access to company data or financial controls. He resigned the next day.

Hilliard's hiring came the same year USA Swimming had a separate vetting failure. The organization announced in February 2025 that Delaware athletic director Chrissi Rawak had been hired as CEO, but she withdrew less than 10 days later when the organization learned of a complaint against her at the U.S. Center for SafeSport.

Colorado's long history with Nike

Colorado has had a contract with Nike since 1995. The school discovered the misappropriated funds during a review of its deal with the company, which was worth $4.75 million in product allotment in fiscal 2025. The school signed a new five-year deal with Nike in September 2025.

Hilliard is due to be arraigned in Boulder in October, where he is expected to enter a plea. His attorney declined comment when reached by USA TODAY Sports.