Feds return $13 million to Sacramento Kings after bizarre theft by top team executive
Four months after a former top Sacramento Kings official pleaded guilty to siphoning off more than $13 million from the franchise to purchase beachfront homes, the team says it has been repaid in full.
The team said in a brief announcement the U.S. Justice Department has “granted full restitution to the Kings in the amount of $13.4 million, which was previously seized by the U.S. DOJ and is directly traceable to the fraud committed by former Kings employee Jeff David.
“This decision to return the funds owed to the team is the direct result of the timely filing and successful completion of a civil asset forfeiture case filed by the U.S. Attorney’s Office for the Eastern District of California in August 2018, just days after the investigation began,” the team said.
David, the team’s former chief revenue officer, is scheduled to be sentenced next month on two counts of wire fraud and one of aggravated identity theft. He could face up to 20 years in prison, but prosecutors are expected to argue for an 8½-year sentence and Sacramento defense attorney Mark Reichel is expected to argue for the minimum of two years.
Read more: https://www.sacbee.com/sports/nba/sacramento-kings/article230907078.html
