Report: Fired CFO Cory Hilliard Admitted to Embezzlement Before USA Swimming Hiring
Former USA Swimming chief financial officer Cory Hilliard admitted before he was hired by USA Swimming to misusing funds at the University of Colorado, per a report by USA Today Sports.
In an internal university audit report that USA Today obtained, Hilliard admitted to overspending his university Nike merchandise allotment by more than $9,500. He admitted that in an audit interview on July 30, 2025. The audit report was released on Aug. 7, 2025. He was hired as the CFO of USA Swimming in December of 2025.
An investigation led by university police led to Hilliard’s arrest this August on three charges of theft and embezzlement based on his actions in Boulder. Hilliard subsequently resigned from USA Swimming.
In a statement to USA Today, USA Swimming said, “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 through an attorney to comment on the matter. He is expected to be arraigned in a Colorado court in October.
The overspending of the Nike account lasted from fiscal year 2022 through June 2025. The allotment, as part of a university contract with Nike, for each employee is $625 annually. Hilliard was an administrator of the Nike Elite account and was able to adjust his allocation without anyone’s knowledge. The amount of spending was $6,011 in 2025, $2,304 in 2024. The total loss over the four 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 stated. “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 at the University of Colorado. He rose to the role of Senior Associate Athletic Director for Business Operations/CFO.
Hilliard was one of the early hires by Kevin Ring, USA Swimming’s new CEO. That job originally went to Chrissi Rawak, who withdrew from the role after a SafeSport complaint.
