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25 Jun, 2019 12:13

Former Sacramento Kings executive jailed for defrauding team of $13.4 million

Former Sacramento Kings executive jailed for defrauding team of $13.4 million

Jeffrey David, a former executive of NBA team the Sacramento Kings, has been sentenced to seven years in jail after being found to have funneled cash from the team into a private account which funded personal purchases.

Forty-four-year-old David is understood to have convinced two major sponsors of the team to make early payments, after which he used the funds to purchase luxury homes and a private jet membership. He is also said to have given money to his family.

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David claims that he intended to sell the homes for a profit, pay back the money to the Kings and keep any additional money for himself, though this claim was questioned by Judge William B. Shubb.

"I had intended to keep the profits for my kids’ college and my retirement," David said in court. "I didn’t want to use the principal for my family. I only wanted to use the profit. The principal was going to go back the the Kings."

"It was incredibly stupid," he added. "I’ve lost the respect that I had and I’ve lost a job and career that I loved. When I look back I can’t believe what was going on in my head."

Judge Shubb was not impressed by David's explanation.

"That story is not credible. It's not worthy of belief," he said of David's defense.

"I don't believe that was his intention. It doesn't make sense."

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Reports state that David earned an annual salary in the region of $280,000 (€246,000) before bonuses.

David's scheme was uncovered when agreed a deal to join the Miami Heat in 2018, after which a Kings employee found evidence of the plot on his old computer.