SACRAMENTO (CBS13) — A former Sacramento Kings executive accused of siphoning funds meant for the team’s arena naming rights into an LLC used to purchase millions of dollars of real estate has pleaded guilty to charges.
Jeff David pleaded guilty to wire fraud and aggravated identity theft in connection with Southern California property he purchased with money allegedly stolen from the Kings, according to the plea agreement.READ MORE: Folsom Ice Rink Opens After Three Week Delay Due To Vandals
David was accused of siphoning millions from sponsorship naming rights deals between the Kings and business partners Golden One Credit Union and Kaiser Permanente. He has been ordered to repay $13,429,000. He also faces up to 20 years in prison, a fine of up to $250,000, and a three-year period of supervised release.
Investigators say David created his own limited liability company and directed Golden One Credit Union and Kaiser Permanente to make “advanced payments” of fees owed under the agreement, into the LLC he created.READ MORE: Sacramento Kings Rout Shorthanded Clippers 124-115
California Secretary of State records show David created an LLC called “Sacramento Sports Partners” and listed Golden One and Kaiser Permanente foundation as partners.
That LLC purchased homes in Hermosa Beach and Manhattan Beach for millions of dollars.
The naming rights deal for the Golden 1 Center was valued at $120 million at the time.MORE NEWS: Folsom Ice Skating Rink Reopens After Weeks Of Delays