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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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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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/

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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.
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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.
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audioaxes
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PostPosted: Tue Nov 19, 2019 6:25 pm    Post subject:

well written piece on this:
https://www.espn.com/nba/story/_/id/28078881/how-nba-executive-jeff-david-stole-13-million-sacramento-kings

Bad enough he thought he can do something like this without it eventually getting figure out but he also left plenty of smoking guns of evidence on his employers computers and kept it on them after he left.
...and somehow thought initially if he simply paid back what he stole all would be good.
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PostPosted: Thu Nov 21, 2019 6:41 pm    Post subject:

I read this the other day. That story is CrAzY. That guy was really really on one for real.
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PostPosted: Thu Nov 21, 2019 8:30 pm    Post subject:

Basketball Fan wrote:
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.


there had to be a massive lack of internal controls which allowed this massive blind spot. It sounds like his "scheme" was fairly simple....just diverting funds into other accounts....but there should have been so many levels where controls would have identified a problem.
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PostPosted: Fri Nov 22, 2019 7:50 am    Post subject:

adkindo wrote:
Basketball Fan wrote:
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.


there had to be a massive lack of internal controls which allowed this massive blind spot. It sounds like his "scheme" was fairly simple....just diverting funds into other accounts....but there should have been so many levels where controls would have identified a problem.


There usually are and it involves more than one person. A similar incident happened in the company I work for. However when they finally put Internal Controls in place they finally detected this now they're being indicted by the FBI.
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