Find tour dates and live music events for all your favorite bands and artists in your city! Get concert tickets, news and more!

  • Analytics
  • Tour Dates
Sacramento Kings

Report: Former Chief Revenue Officer For The Sacramento Kings Is Under Federal Investigation

1424 0

SACREMENTO (CelebrityAccess) — Jeffrey R. David, the former Chief Revenue Officer for the NBA team the Sacramento Kings, and who now holds the same post at the Miami Heat, is under investigation for allegedly siphoning sponsorship money for personal use.

According to the Sacramento Bee, David sources say federal investigators suspect that David participated in an alleged money laundering scheme that diverted $9 million from the Golden 1 Credit Union and another $4.4 million from Kaiser Permanente Foundation.

Federal officials declined to comment on the investigation, but a statement released by the Kings to the Bee said:

“Last week, we alerted federal law enforcement to suspicious financial transactions involving a former Kings employee, Jeff David. That investigation is underway and on Monday, U.S. Department of Justice authorities began the formal process of recovering and seizing the properties involved in the investigation.

“We appreciate the swift action on behalf of the officials at the FBI and U.S. Attorney for the Eastern District of California McGregor Scott as they work to complete this investigation and we will take all appropriate action once it is complete.”

According to the Bee, multiple sources and internal documentation revealed the investigation started on August 14th after a Kings employee reviewing computer files found suspicious information. Authorities suspect that funds were diverted into an entity called Sacramento Sports Partners LLC, which listed David as a manager and went to a mailbox drop located near the King’s former home at the Sleep Train Arena.

Sources told the Bee that David allegedly told sponsors that they could make advanced payments in exchange for lower future payments and arranged for the payments to be made to a bank account created for Sacramento Sports Partners.

Both Golden 1 Credit Union and Kaiser Permanente confirmed to the Bee that they were aware of an ongoing investigation, the newspaper reported.

At present, no criminal charges have been filed in relation to the investigation and Mr. David did not respond to a request for comment, the Bee reported.

Related Post

Join CelebrityAccess Now