Former Sacramento Kings Executive Sentenced to 7 Yrs. in Prison for Multimillion Dollar Fraud Scheme
SACRAMENTO, Calif. — Jeffrey R. David, 44, of [ ], was sentenced today by U.S. District Judge William B. Shubb to seven years in prison for wire fraud and aggravated identity theft, U.S. Attorney McGregor W. Scott announced.
David is scheduled to surrender for service of his sentence on Aug. 20.
U.S. Attorney Scott stated: “David used his high-ranking position with the Sacramento Kings to deceive businesses across the country into sending him millions of dollars. The brazen scheme involved forgeries, stolen corporate executive identities, money laundering, and even instructing a former colleague to destroy evidence. Thanks to the fast actions of the Kings organization, the FBI, and attorneys in this office, the fraud did not result in the permanent deprivation of the $13.4 million that David intended to steal from his victims, as that money was recovered through timely government seizures and forfeitures. Today’s sentence should deter others from committing substantial frauds such as this one.”
“Mr. David violated the trust of his employer and clients, siphoning millions from agreements to fund purchases he could not otherwise afford. Asset forfeiture of real estate purchased with the misappropriated funds was able to restore the losses the organization suffered as a result of Mr. David’s crimes but trust is much more difficult to repair,” said Special Agent in Charge Sean Ragan of the FBI Sacramento Field Office. “This case exemplifies the FBI’s commitment to investigating large-scale financial fraud to ensure the integrity of financial transactions and ensure that those who commit greed-fueled financial crime face justice.”
Read more: https://www.justice.gov/usao-edca/pr/former-sacramento-kings-executive-sentenced-7-years-prison-multimillion-dollar-fraud
The sports franchise has received over $13.2 million in restitution to date.