Ex-Sacramento Kings executive to plead guilty to siphoning $13.4 million from the team

 
Post new topic    LakersGround.net Forum Index -> General Basketball Discussion Reply to topic
View previous topic :: View next topic  
Author Message
Basketball Fan
Franchise Player
Franchise Player


Joined: 03 Feb 2004
Posts: 23047

PostPosted: Fri Dec 14, 2018 5:14 pm    Post subject: Ex-Sacramento Kings executive to plead guilty to siphoning $13.4 million from the team

https://nba.nbcsports.com/2018/12/13/ex-sacramento-kings-executive-to-plead-guilty-to-siphoning-13-4-million-from-the-team/

Quote:
Ex-Sacramento Kings executive to plead guilty to siphoning $13.4 million from the team


SAN FRANCISCO (AP) — Court records show a former Sacramento Kings top executive has agreed to plead guilty to siphoning $13.4 million from the team to buy Southern California beachfront properties.

Federal prosecutors in Sacramento, California, on Wednesday filed charges and a plea agreement signed by former chief revenue officer Jeffrey David admitting to forging the team president’s signature to divert sponsorship payments to a bank account he controlled. Court records show the properties have been sold for $14.8 million, and the team is expected to recoup the stolen funds.

David is expected to plead guilty to wire fraud and identity theft in January and faces at least two years in prison, court records show.

David’s lawyer, Mark Reichel, didn’t return a call for comment.

The Sacramento Bee first reported the plea deal Wednesday.
Back to top
View user's profile Send private message Reply with quote
Runway8
Franchise Player
Franchise Player


Joined: 19 Apr 2003
Posts: 20259
Location: La Jolla, San Diego

PostPosted: Fri Dec 14, 2018 9:33 pm    Post subject:

How often do people get away with stuff like this? Must be often for them to think the risk is worth it.
Back to top
View user's profile Send private message Reply with quote
CandyCanes
Retired Number
Retired Number


Joined: 24 Dec 2007
Posts: 29208
Location: Santa Clarita, CA (Hell) ->>>>>Washington, DC

PostPosted: Sat Dec 15, 2018 1:46 am    Post subject:

Zach Randolph was also an executive?
_________________
Damian Lillard shatters Dwight Coward's championship dreams:

https://www.youtube.com/watch?v=SZrbEjppnd4
Back to top
View user's profile Send private message Visit poster's website Reply with quote
70sdude
Star Player
Star Player


Joined: 05 Feb 2009
Posts: 4516

PostPosted: Sat Dec 15, 2018 12:44 pm    Post subject:

I have felt for many years that this type of brazen abuse of power and jaded opportunistic form of white collar crime happens regularly and far more often than the public cares to believe. Cover-ups happen.

I personally saw how similar occurrences of fraud were covered up by the victimized company or government. I saw self-protecting corporate behavior in the actions taken upon discovery of the problem via internal audit. Too often, management has incentive to choose to boot the offender out as quietly as possible out of fear of looking like idiots: vulnerable to its board, weak to its investors, lacking institutional control to its regulatory agencies.
Back to top
View user's profile Send private message Reply with quote
Basketball Fan
Franchise Player
Franchise Player


Joined: 03 Feb 2004
Posts: 23047

PostPosted: Sat Dec 15, 2018 3:03 pm    Post subject:

70sdude wrote:
I have felt for many years that this type of brazen abuse of power and jaded opportunistic form of white collar crime happens regularly and far more often than the public cares to believe. Cover-ups happen.

I personally saw how similar occurrences of fraud were covered up by the victimized company or government. I saw self-protecting corporate behavior in the actions taken upon discovery of the problem via internal audit. Too often, management has incentive to choose to boot the offender out as quietly as possible out of fear of looking like idiots: vulnerable to its board, weak to its investors, lacking institutional control to its regulatory agencies.



Yep and I'm an accountant so I'm well aware of this.
Back to top
View user's profile Send private message Reply with quote
Basketball Fan
Franchise Player
Franchise Player


Joined: 03 Feb 2004
Posts: 23047

PostPosted: Tue Jun 25, 2019 4:26 pm    Post subject:

https://nba.nbcsports.com/2019/06/25/ex-sacramento-kings-exec-gets-seven-years-for-siphoning-13-4m/

Quote:
Ex-Sacramento Kings exec gets seven years for siphoning $13.4M

SAN FRANCISCO — 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.”

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.

David is scheduled to begin his sentence on Aug. 20.
Back to top
View user's profile Send private message Reply with quote
Hammett
Star Player
Star Player


Joined: 20 Dec 2008
Posts: 6775

PostPosted: Tue Jun 25, 2019 7:58 pm    Post subject:

Runway8 wrote:
How often do people get away with stuff like this? Must be often for them to think the risk is worth it.


Plus, it's a guy that has a great paying job to begin with.

It's never enough money for some people.
_________________
"Keep looking at me like that and I'll turn Suplex City into Mizney World."
Back to top
View user's profile Send private message Reply with quote
Display posts from previous:   
Post new topic    LakersGround.net Forum Index -> General Basketball Discussion All times are GMT - 8 Hours
Page 1 of 1
Jump to:  

 
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum






Graphics by uberzev
© 1995-2018 LakersGround.net. All Rights Reserved. Privacy Policy. Terms of Use.
LakersGround is an unofficial news source serving the fan community since 1995.
We are in no way associated with the Los Angeles Lakers or the National Basketball Association.


Powered by phpBB