Sacramento Kings welcome ‘swift action’ by FBI over fraud case

LOS ANGELES, USA – The Sacramento Kings welcomed “swift action” by the FBI and federal prosecutors on Wednesday, December 12, as a former executive accused of defrauding the NBA club reportedly accepted a plea deal.

The Kings issued a statement on the charges filed against Jeffrey R. David “related to his embezzlement of money owed to the team.”

“We are  grateful to the officials at the FBI and the US Attorney for the Eastern District of California McGregor Scott for their hard work and swift action to hold Jeff David accountable and to recover all of the Kings organization’s assets,” the club’s chief operating officer Matina Kolokotronis said.

The Sacramento Bee reported that David, the former chief revenue officer for the team, agreed to a plea agreement in a deal that will recoup $13.4 million that he diverted from two of the Kings’ top sponsors and spent on beachfront homes in Southern California.

The scheme was uncovered after David’s job was eliminated on June 1.

He moved on to a similar job with the NBA’s Miami Heat, but left that position after it was revealed in August he was under FBI investigation.

Under the plea deal David is expected to enter a guilty plea in court in January. Prosecutors plan to argue for an 8 1/2-year jail sentence, with his lawyers expected to argue he should serve much less time, the Bee reported.

David’s lawyer Mark Reichel told the newspaper that his client had co-operated “fully and completely” with law enforcement.

“He understands that what he did was wrong,” Reichel told the Bee. – Rappler.com