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Ex-Kings Exec Jeffrey David Sentenced to 7 Years in Prison for Siphoning $13.4M
June 25, 2019
Former Sacramento Kings chief revenue officer Jeffrey David was sentenced to seven years in prison Monday for stealing $13.4 million from the team.
According to the Associated Press (h/t NBC Sports), David pleaded guilty in December to wire fraud and aggravated identity theft after taking sponsorship payments and placing them in a bank account he controlled from October 2012 through July 2016.
David used the money to remodel Southern California beachfront properties, pay for a private jet membership and pay off credit card bills. Of the $13.4 million David siphoned, the Kings have reportedly received $13.2 million in restitution.
U.S. Attorney McGregor W. Scott supported the sentence David received in a statement: "The brazen scheme involved forgeries, stolen corporate executive identities, money laundering and even instructing a former colleague to destroy evidence. Today’s sentence should deter others from committing substantial frauds such as this one."
David's attorney, Mark Reichel, said his client is "tremendously remorseful," and added, "We see no appropriate purpose served by a sentence this lengthy."
Per Akira Olivia Kumamoto and Hector Amezcua of the Sacramento Bee, David said during the trial that his plan was to use the money he took from the Kings to remodel and resell beachfront homes. David added that he would have repaid the principal to the Kings and used the profit for pay for his children to go to college.
David made $30,000 per month and received a yearly bonus during his time with the Kings.
He served as the Kings' chief revenue officer from 2011-2018 and then took the same position with the Miami Heat in 2018.
The 44-year-old David is set to begin serving his prison sentence on Aug. 20.