NBA Exec Involved in $13.4 Million Money-Laundering Scheme, Report Says

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A Heat executive hired over summer from the Kings is under investigation for allegedly using $13.4 million from two Kings sponsors to fund his own real estate endeavors, according to The Sacramento Bee.

Jeffrey David, now the chief revenue officer of the Heat after operating in the same role with Sacramento, allegedly participated in a “sophisticated money-laundering scheme” that stole cash from the Golden 1 Credit Union ($9 million) and Kaiser Permanente Foundation ($4.4 million). The Heat announced they have placed David on leave.

The Sacramento Bee reports David used the money he siphoned from team sponsors to purchase beachfront property in Southern California, and while no criminal charges have been filed, the Kings referred the case to federal investigators last week. The FBI and federal prosecutors are reportedly looking into the matter.

Read the original article here: sportingnews.com


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