Former NBA Executive Pleads Guilty in Multimillion-Dollar Fraud Scheme

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Jeffrey R. David, the former Sacramento Kings executive and rising NBA star who schemed to steal $13.4 million from the franchise and sponsors to snatch up exclusive beachfront properties, pleaded guilty Tuesday to two counts of wire fraud and aggravated identity theft in Sacramento federal court.

David, 44, will be sentenced April 15 before U.S. District Court Judge William B. Shubb. He remains free on his own recognizance pending the April sentencing date.

A stone-faced David stood before Shubb between his lawyers, Marc David Seitles and Mark Reichel, as Deputy U.S. Attorney Matthew Yelovich laid out the nearly five-year scheme to divert the millions from five team sponsors to buy homes in Hermosa Beach and Manhattan Beach.

David admitted directing companies to wire money to the limited liability corporation he formed, Sacramento Sports Partners – one sent more than $4 million to the sham account – while he was the franchise’s chief revenue officer. He admitted forging the signatures of corporate officials, using funds to pay off American Express bills and pay $100,000 to a private jet company.

Read the original article here: sacbee.com


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