Friday, October 23, 2020

Ex-Sacramento Kings exec gets 7 years for siphoning $13.4M

-

A former top Sacramento Kings executive was sentenced Monday to seven years in prison for siphoning $13.4 million from the team.

Jeffrey David, 44, the team’s former chief revenue officer, pleaded guilty in December to wire fraud and aggravated identity theft.

David diverted the sponsorship payments of five companies to a bank account he controlled from October 2012 through July 2016, using the money to buy and remodel Southern California beachfront properties, pay for a private jet membership and pay off credit card bills.

“The brazen scheme involved forgeries, stolen corporate executive identities, money laundering and even instructing a former colleague to destroy evidence,” U.S. Attorney McGregor W. Scott said in a statement. “Today’s sentence should deter others from committing substantial frauds such as this one.”

- Advertisement -

David’s lawyer, Mark Reichel, disagreed with the sentence from U.S. District Judge William Shubb.

“We see no appropriate purpose served by a sentence this lengthy,” Reichel wrote in an email, citing David’s “tremendous life work” before and after his crimes as cause for a reduced sentence.

“The Kings received back every single penny of the previously purloined money, and Mr. David worked very hard to make sure that happened. He is tremendously remorseful,” Reichel said.

The Kings have received over $13.2 million in restitution to date, according to the Department of Justice.

- Advertisement -

David is scheduled to begin his sentence on Aug. 20.

MUST READ

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Fundraiser Elliott Broidy pleads guilty in foreign agent case linked to 1MDB

Major Republican Party and Trump fundraiser Elliott Broidy pleaded guilty Tuesday to acting as an unregistered foreign agent, admitting to accepting millions...

Germany issues international arrest warrant for founders of law firm at the centre of Panama Papers

Germany has issued international arrest warrants for the two founders of the firm at the centre of the tax haven scandal exposed by the...
Advertisement
Advertisement

Latest News

This Week

Ex-managers of Security firm pleads guilty in Santa Clara County concealed gun permit bribery scandal

Two former managers of a Silicon Valley international security firm pleaded guilty Monday to charges related to a bribery scheme to obtain concealed firearms...

U.S appeal court upholds conviction of former Senator Jon Woods in bribery case

The 8th Circuit Court of Appeals upheld the conviction of former Republican Sen. Jon Woods for a bribery and kickback scheme. That decision also upheld the...

Attorney General Dave Yost subpoenaed in Ohio bribery scandal

Federal officials investigating the House Bill 6 bribery scandal subpoenaed records from Attorney General Dave Yost’s office the day before arresting then-House Speaker Larry Householder and...

UAE suspends licences of 200 law firms over anti-money laundering compliance

Practicing licences of 200 law firms in the UAE have been suspended for a month for not following the prescribed procedures to combat money...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks