How this man stole $20m from NBA team
THE full extent of former Sacramento Kings chief revenue officer Jeff David's fraudulence has been revealed in a new ESPN report.
David, 44, was sentenced to seven years in jail earlier this year after he was caught siphoning $A19.6 million from the NBA team to buy and remodel Southern California beachfront properties, pay for a private jet membership and pay off credit card bills.
ESPN's Kevin Arnovitz revealed how the married father of three, whose salary was more than half a million dollars a year, leveraged the autonomy he had in negotiating sponsorship deals to organise payments to a separate account he had created.
The bulk of the money that David stole came after he secured a 20-year, $160 million stadium naming rights sponsorship with credit union Golden 1 and a 10-year, $41 million deal for the Kings' news training facility with non-profit health care provider Kaiser Permanente in 2015.
He organised for the sponsors to make early payments, which he used to purchase two homes in Hermosa Beach and Manhattan Beach that he planned to flip.
But his scheme was uncovered, after he'd departed the Kings for a similar role with the Miami Heat, by an inquisitive human resources employee who dug through David's computer records.
Kings' senior vice-president of human resources Stacy Wegzyn found incriminating evidence, labelled "TurboTax", in a folder in David's files.
The FBI investigated and interviewed David after he'd moved his family into a new home in Florida.
David pleaded guilty in January to wire fraud and aggravated identity theft relating to signatures he'd forged as part of his deception.
The Kings were repaid after the homes David purchased were sold for a profit.