Jeffery David, Heat Part Ways Amid Money-Laundering Investigation

Just a few months after hiring him, the Miami Heat have parted ways with chief revenue officer Jeffery R. David, according to Ira Winderman of the South Florida Sun Sentinel.

The Sacramento Bee's Sam Stanton and Darrell Smith reported on Aug. 30 that David was the subject of an FBI investigation into a suspected money-laundering scheme stemming from his time with the Sacramento Kings. He was later suspended by the Heat.

The Heat issued a statement at the time David was placed on leave, via Winderman: "We are aware of the investigation of Jeff David, which focuses on events that took place prior to his joining our team. We are fully cooperating with the authorities. Jeff David is on leave, pending the outcome of the investigation."

David was previously the Kings' chief revenue officer and was responsible for negotiating advertising contracts and corporate partnerships. Per Stanton and Smith, David "is suspected of siphoning off $13.4 million from two of the team’s top sponsors and using the funds to purchase beachfront property in Southern California." That includes $9 million from the Golden 1 Credit Union and $4.4 million from the Kaiser Permanente Foundation.

Miami hired David, 44, on July 9. At the time, Heat president of business operations Eric Woolworth had nothing but praise for the organization's newest addition.

"Jeff is supremely qualified to help us grow our business," Woolworth said, per Winderman. "He's a fantastic addition to our executive staff and we welcome him with open arms to our family."