Corey Hilliard Resigns as USA Swimming CFO Following Arrest on Charges of Misappropriating Funds

Braden Keith contributed to this report.

Just a day after being arrested on charges of misappropriating funds while with the University of Colorado, USA Swimming Chief Financial Officer Cory Hilliard has resigned from the position, a USA Swimming spokesperson told SwimSwam Tuesday.

USA Swimming will begin searching for his replacement immediately. They have not announced whether they will search internally for his replacement or go with a search form to find his replacement.

USA Swimming learned of the arrest around 11AM Mountain Time on Monday as the news was breaking more broadly.

USA Swimming alerted SwimSwam to the arrest shortly thereafter, saying that they placed Hilliard on leave immediately and removed his access to any USA Swimming data and financial mechanisms.

USA Swimming is also immediately starting its own investigation into whether there has been any impropriety in his short time at USA Swimming.

The news comes as USA Swimming prepares to launch its primary championship meet for the summer, with open water races at the Pan Pacific Championships taking place Monday and pool swimming beginning Wednesday.

Hilliard was hired in December as the USA Swimming CFO under the tenure of new CEO Kevin Ring. Hilliard was previously the Senior Associate Athletic Director for Business Operations and Chief Financial Officer for the University of Colorado Boulder athletics department. He also taught a graduate level course in Colorado’s business school.

Hilliard worked at Colorado for over 17 years; before that he spent eight years in athletics administration at the University of North Dakota.

He had no previous close ties to the sport of swimming.

On July 22, 2025, approximately four months before Hilliard’s hiring at USA Swimming, Colorado’s Athletic Director Rick George notified the University’s Department of Internal Audit of “concerns regarding possible fiscal misconduct” by Hilliard.

“At the time, Hilliard served as the designated administrator of the University’s Nike Elite program, responsible for managing employee product benefit allocations,” the Boulder press release said.

USA Swimming says that those concerns did not come up in the organization’s background checks or vetting of Hilliard.

USA Swimming’s transition to a new administration has been rocky and has faced repeated scrutiny over its vetting processes. The organization’s first hire in 2025 to be its new CEO, Chrissi Rawak, ultimately withdrew from the role after being announced after a SafeSport complaint came to light.

USA Swimming was not named in the press release announcing the arrest.

More from the Boulder Press Release:

The University of Colorado Boulder investigation revealed that between 2021 and 2025, Hilliard misappropriated University‑provided Nike Elite funds for his personal use, which is a violation of the agreement. The University of Colorado Boulder conducted a detailed review that included financial records, interviews with Athletics Department personnel, and analysis of transaction histories associated with Hilliard’s Nike Elite account. Ultimately, the investigation determined that Hilliard’s actions resulted in a confirmed loss of $9,510.50 to the University.

The CU Boulder Police Department conducted its own independent investigation which included reviewing financial materials and interviewing numerous University personnel. In addition, they have worked closely with the District Attorney’s Office throughout this investigation.

The District Attorney’s Office filed the following charges:

• Count One: Theft (F5)
• Count Two: Embezzlement of Public Property (F5)
• Count Three: First Degree Official Misconduct (M1)

District Attorney Michael Dougherty stated, “In any case involving possible Official Misconduct, the community trust requires a thorough investigation. So, I truly appreciate the hard work, dedication, and collaboration of the CU Police Department.”

CUPD Chief Ashley Griffin stated, “The CU Boulder Police Department would like to thank the Boulder County District Attorney’s Office for its steadfast support in prosecuting financial crimes. CU Boulder does not tolerate fiscal misconduct in any form and once CUPD was notified it took immediate investigative action.”