via.fox40.com
Ex-Sacramento Kings Executive Admits to Defrauding Team
SAN FRANCISCO (AP) — A former Sacramento Kings top executive agreed Wednesday to plead guilty to siphoning $13.4 million from the team to buy Southern California beachfront properties, court records showed. Federal prosecutors in Sacramento simultaneously filed felony fraud 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 showed David agreed to relinquish the properties, which have been sold for $14.8 million and the team is expected to recoup the stolen funds.