Former Sacramento Kings Executive Pleads Guilty To Defrauding Team

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SACRAMENTO (CBS13/AP) - A former top Sacramento Kings executive has pleaded guilty to siphoning $13.4 million from the team to buy Southern California beachfront properties, according to court records.

The records show former chief revenue officer Jeffrey David pleaded guilty Tuesday to federal charges of wire fraud and identity theft. He faces a maximum of 10 years in prison when he is sentenced April 15.

Kings Chief Operating Officer Matina Kolokotronis released a statement after David's plea.

"We applaud U.S. Attorney for the Eastern District of California McGregor Scott, his staff and the officials at the FBI for their continued efforts to quickly bring Jeff David to justice and ensure all assets owed to the Kings have been recovered in full," Kolokotronis wrote.

David was charged last year with forging the team president's signature to divert sponsorship payments to a bank account he controlled.

Prosecutors say the scheme was uncovered soon after David left the Kings in June and accepted a similar post with the Miami Heat. The Heat said in September that the team and David parted ways.