Ex-Kings Employee Jeff David Pleads Guilty to Defrauding Team of $13.4 Million

Former Sacramento Kings chief revenue officer Jeffrey David pleaded guilty Tuesday on charges of wire fraud and identity theft after using $13.4 million of team funds to purchase beachfront property. 

"We applaud U.S. Attorney for the Eastern District of California McGregor Scott, his staff and the officials at the FBI for their continued efforts to quickly bring Jeff David to justice and ensure all assets owed to the Kings have been recovered in full," the Kings said in a statement.

Per the Sacramento Bee's Sam Stanton and Darrell Smith, David agreed to a plea deal in December, admitting he forced signatures to divert money paid to the Kings to his own bank account. He then used that money to purchase and sell real estate, which has been sold for $14.8 million.

David, 44, served as the Kings' chief revenue officer from 2011 to 2017. He held the same position with the Miami Heat until he was terminated last year amid the criminal investigation.

Prosecutors originally brought 13 counts of wire fraud, money laundering and aggravated identity theft against David. Per CBS Sacramento, David will be sentenced on April 15 and could face up to 10 years in prison.