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

 
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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/

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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.
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Runway8
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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.
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PostPosted: Sat Dec 15, 2018 1:46 am    Post subject:

Zach Randolph was also an executive?
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70sdude
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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.
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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.
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