Report: Fired CFO Cory Hilliard Admitted to Embezzlement Before USA Swimming Hiring

Report: Fired CFO Cory Hilliard Admitted to Embezzlement Before USA Swimming Hiring

Former USA Swimming chief monetary officer Cory Hilliard admitted earlier than he was employed by USA Swimming to misusing funds on the University of Colorado, per a report by USA Today Sports.

In an inside college audit report that USA Today obtained, Hilliard admitted to overspending his college Nike merchandise allotment by greater than $9,500. He admitted that in an audit interview on July 30, 2025. The audit report was launched on Aug. 7, 2025. He was employed because the CFO of USA Swimming in December of 2025.

An investigation led by college police led to Hilliard’s arrest this August on three prices of theft and embezzlement based mostly on his actions in Boulder. Hilliard subsequently resigned from USA Swimming.

In an announcement to USA Today, USA Swimming mentioned, “USA Swimming engaged an independent search firm and conducted its own due diligence, including speaking directly with CU Athletics. The information now being raised was not disclosed to USA Swimming during that process.”

Hilliard declined by means of an legal professional to touch upon the matter. He is predicted to be arraigned in a Colorado courtroom in October.

The overspending of the Nike account lasted from fiscal 12 months 2022 by means of June 2025. The allotment, as a part of a college contract with Nike, for every worker is $625  yearly. Hilliard was an administrator of the Nike Elite account and was in a position to alter his allocation with out anybody’s data. The quantity of spending was $6,011 in 2025, $2,304 in 2024. The complete loss over the 4 fiscal years amounted to $9,501.50.

“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 acknowledged. “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.”

Hilliard spent 18 years on the University of Colorado. He rose to the position of Senior Associate Athletic Director for Business Operations/CFO.

Hilliard was one of many early hires by Kevin Ring, USA Swimming’s new CEO. That job initially went to Chrissi Rawak, who withdrew from the position after a SafeSport grievance.