Former Kings executive Jeffrey David took $13.4M from team to buy himself $8M house, private jet
Former Sacramento Kings executive Jeffrey David faces up to 22 years in prison after admitting he stole $13.4 million from the team to fund his personal expenses.
David, 44, was the team’s chief revenue officer from 2011 to 2018. He was tasked with generating revenue for the team through sponsorships, advertising and other avenues.
While David was able to bring in a lot of money for the team, he was also siphoning a portion away to pay for luxury items for himself. He did this by telling companies the money was going to the Kings, but instead moving that money into a shell account, according to Sports Illustrated.
The companies thought they were paying the Kings but were instead paying David, who had created a shell company for receipt of illicit monies. David then used his enriched shell company to purchase multi-million-dollar homes beachfront property and other luxury items. One such purchase was an $8 million beachfront property on Hermosa Beach. Another was for a private jet that cost between $2.5 and $3 million.
On Tuesday, David pleaded guilty to wire fraud and aggravated identity theft. Due to a plea deal, he’s unlikely to see anywhere near 22 years in prison. He could see between six-to-eight years, according to Sports Illustrated.
SI also provided specific instances of David committing those crimes. The fraud charge stems from David negotiating the team’s naming rights deal with Golden 1 Credit Union. The deal may have initially been set up legitimately, but David then re-negotiated with Golden 1 Credit Union without the Kings knowing.
RELATED: 2019 NBA Title Odds
Instead of having Golden 1 Credit Union pay the Kings directly, he instructed them to pay “Sacramento Sports Partners,” which was a shell company set up by David. He tried to make that company look legitimate by using Kings letterhead on stationary referencing the group.
In order to get the re-negotiated Golden 1 Credit Union deal to pass without anyone in the Kings knowing, David illegally forged the signature of the Kings’ president. David also forged signatures of other team executives while he was with the Kings.
David was fired by the Kings in June 2018. He was quickly hired by the Miami Heat, but was fired in August 2018 after the Sacramento Bee published an article about David’s transgressions.
More from Yahoo Sports:
• ‘You’re too old!’: Watch Pats’ Edelman motivate Brady
• Cowboys WR makes damning claim against team
• Raiders star mocks ‘clowns on TV’ after being criticized
• Suns stadium debate sparked between shooter, victim