The Former Sacramento Kings and Miami Heat chief revenue officer Jeffrey David has been sentenced to seven years’ imprisonment after stealing $13.4m (£10.5m) from the team to buy luxury homes.
David pleaded guilty to wire fraud and aggravated identity theft charges back in December.
David’s siphoning scheme was pretty brazen. According to a Sacramento Bee report, David established Sacramento Sports Partners LLC “using forged signatures from officials at the Kings, Golden 1 Credit Union and Kaiser Permanente,” and then convinced Golden 1 and Kaiser to make early payments on sponsorships he’d negotiated with the two companies.
David funneled the money to the bogus LLC, then used the money to purchase “lavish beachfront homes” in Southern California. David’s attempt to explain his actions to the court during sentencing was a doozy:
David had claimed he intended to sell the homes, reimburse the Kings and keep the profit for himself.
“That story is not credible. It’s not worthy of belief,” said judge William B. Shubb. “I don’t believe that was his intention. It doesn’t make sense.”
David was reportedly earning more than £280,000 a year before an annual bonus during his time with the Kings.
The 44-year-old admitted he persuaded two of the team’s major sponsors to bring forward payments and fraudulently siphoned them into one of his personal accounts.
A Kings member of staff discovered files on his old computer, revealing details of the scheme and sparking a Federal Bureau of Investigation.
It was also discovered that David exploited sponsorship agreements connected to the Kings’ move to the Golden 1 Center in 2016.
By Olukayode Oniwinde
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