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Sacramento Kings executive allegedly took sponsorship money

A former executive from the NBA’s Sacramento Kings has been accused of taking $13.4m from two sponsors, according to The Sacramento Bee.

Jeffery R. David, the former Chef Revenue Officer of the NBA  franchise, allegedly engaged in an extensive money laundering scheme that allowed him to buy a beachfront property in Southern California.

The FBI is investigating David who allegedly laundered money the Golden 1 Credit Union and the Kaiser Permanente Foundation. David left the Kings in June and now holds the same position with the Miami Heat.

“Last week, we alerted federal law enforcement to suspicious financial transactions involving a former Kings employee, Jeff David,” the team said to the Bee.

“That investigation is underway and on Monday, U.S. Department of Justice authorities began the formal process of recovering and seizing the properties involved in the investigation.

No charges have yet been filed against David.