This is the week of the scammers.
Interesting that this guy Jeffrey R. David hasn’t been fired or charged yet.
A former top executive of the Sacramento Kings 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, sources have told The Sacramento Bee.
The FBI and federal prosecutors are investigating Jeffrey R. David, 44, the former chief revenue officer for the Kings who currently holds the same position with the NBA’s Miami Heat, for what sources say was a sophisticated money-laundering scheme that allegedly diverted $9 million from the Golden 1 Credit Union and another $4.4 million from Kaiser Permanente Foundation.
David, whose position with the Kings was eliminated on June 1 and who joined the Miami Heat as chief revenue officer in July, did not respond to a message seeking comment that was left on his cellphone voice mail early Thursday.
Two sources, internal Kings documents obtained by The Bee and documents filed in federal court in Sacramento, provide an outline of the investigation, which began Aug. 14 after a Kings employee reviewing computer files found a folder labeled “Turbo Tax” that raised suspicions.
David allegedly opened a Sacramento bank account for the company he created, then approached Golden 1 officials in 2016 with a proposal that the credit union make an advanced payment on the agreement in exchange for lower payments later in the duration of the 20-year contract, according to sources and documents filed in federal court in Sacramento on Sunday.
The next month, in July 2016, Sacramento Sports Partners purchased a beachfront Hermosa Beach home for $8 million, according to sources and online property records.
Three months after the purchase, Sacramento Sports Partners hired a contractor to remodel the property, court papers say, and sources say $1 million went into the remodel on the home. The property was later listed for sale with an asking price of $12.5 million, sources say.
Sacramento Sports Partners purchased another property, a Manhattan Beach condominium, for $3.4 million in 2017, according to sources and court and Kings documents.
Documents also stated that David had plans on buying a private jet.
Pretty good scam he had going on. Shouldn’t have put that file on his work computer.
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