Attorney Michael Avenatti was arrested on Monday over allegations he embezzled a client's money in order to pay his own expenses and debts and also defrauded a bank by using phony tax returns to obtain millions of dollars in loans. The allegations announced by the U.S. Attorney for the Central District of California, which say that Avenatti could face up to 50 years in prison, are separate from the complaint made in the Southern District of New York that he attempted to extort Nike NKE, +8.76% .