USA Swimming Chief Financial Officer Cory Hilliard was placed on leave following his arrest on felony theft and embezzlement charges stemming from his previous employment at the University of Colorado Boulder, according to statements from law enforcement and sports executives.
According to the Boulder District Attorney’s Office, Hilliard was arrested on Monday morning after an investigation revealed he misappropriated University-provided Nike Elite funds for personal use between 2021 and 2025. Hilliard previously served as the Senior Associate Athletic Director for Business Operations and Chief Financial Officer for CU Boulder athletics before joining USA Swimming in December 2025.
CU Boulder Investigation and Criminal Charges
The financial misconduct came to light on July 22, 2025, when University of Colorado Athletic Director Rick George notified the school’s internal audit department regarding potential discrepancies, according to the Boulder District Attorney’s press release. Hilliard served as the designated administrator of the university’s Nike Elite program, managing employee product benefit allocations.
An internal review by CU Boulder, alongside an independent investigation by the CU Boulder Police Department, determined that Hilliard used product credits for personal gain, resulting in a total confirmed loss of $9,510.50 to the school. Following the investigation, the Boulder County District Attorney’s Office filed three charges against Hilliard:
- Count One: Theft (F5)
- Count Two: Embezzlement of Public Property (F5)
- Count Three: First Degree Official Misconduct (M1)
The felony charges carry potential sentences of up to three years in prison and fines up to $100,000. CU Boulder Police Chief Ashley Griffin thanked the district attorney’s office for supporting the prosecution of financial crimes, noting in a public statement that the university maintains a strict zero-tolerance policy for fiscal misconduct.
USA Swimming Action and Immediate Fallout
USA Swimming Chief Executive Officer Kevin Ring learned of the arrest around 11 a.m. Mountain Time on Monday as news broke publicly, according to statements provided to industry outlets. The national governing body acted immediately, placing Hilliard on administrative leave and stripping him of access to all organizational data and financial mechanisms.
USA Swimming confirmed it has initiated an internal review to determine whether any financial improprieties occurred during Hilliard’s brief tenure. Hilliard had no prior professional background in swimming administration, having spent 17 years at Colorado and eight years in athletics administration at the University of North Dakota prior to his hiring.
The leadership disruption arrives at a critical juncture for USA Swimming, which has experienced administrative turnover and vetting scrutiny. The organization’s initial choice for CEO in 2025, Chrissi Rawak, withdrew from consideration after a SafeSport complaint surfaced.
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