USA Swimming’s CFO has been arrested and charged with theft and embezzlement from his time overseeing a Nike program at the University of Colorado, according to local authorities.

Boulder County released a statement on Monday, Aug. 10 that said Cory Randall 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.

The 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.

Hilliard was named the Chief Financial Officer of USA Swimming in December after he spent 18 years with the University of Colorado Boulder. His last position with the school was Senior Associate Athletic Director for Business Operations and CFO.

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.”

This week marks the start of the 2026 Pan Pacific Championships in Irvine, California.

Contributing: Brent Schrotenboer