WATCH LIVE: Prosecutors discuss extortion charges against Michael Avenatti
Michael Avenatti (CNN)

United States Attorney Geoffrey S. Berman of the Southern District of New York is holding a press conference Monday to discuss the arrest of attorney Michael Avenatti.

Prosecutors have accused Avenatti of "attempting to extract more than $20 million in payments from a publicly traded company by threatening to use his ability to garner publicity to inflict substantial financial and reputational harm on the company if his demands were not met."

The press conference is scheduled to begin at 2:30 p.m (ET).

Watch live video below: