Feds Investigating Alleged Money Laundering By Former Kings' Executive

Heat executive placed on leave amid FBI investigation into work with Kings

Heat executive placed on leave amid FBI investigation into work with Kings

With less than one month before the Miami Heat open up their training cap for the 2018-19 season, one area of the team's focus was to zero in on putting together the best possible roster available. Jeff David, who now holds the title of "chief revenue officer" in Miami, is suspected of stealing $13.4 million by diverting the money away from team sponsorships.

The FBI and federal prosecutors are investigating Jeffrey R. David, 44, the former chief revenue officer for the Kings who now holds the same position with the NBA's Miami Heat, for what sources say was a sophisticated money-laundering scheme that allegedly diverted $9 million from the Golden 1 Credit Union and another $4.4 million from Kaiser Permanente Foundation.

The look into potential money laundering began last week after the Kings notified federal investigators, though no charges have yet been filed.

Prosecutors did not provide details about the case, but the Associated Press reported that David is suspected of embezzling about $13 million from sponsorship transactions and buying Southern California real estate with the money. The person spoke on the condition of anonymity because the person wasn't authorized to speak publicly about the investigation.

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The protests grew during the 2017 season with players protesting en masse. The statement was shared by Kapernick's lawyer, Mark Geragos, on Twitter.

The person said federal authorities formally sought seizure of the properties Monday.

Upon hiring David, Eric Woolworth, president of the Heat group's business operations, said in a statement, "Jeff is supremely qualified to help us grow our business. Jeff David is on leave, pending the outcome of the investigation".

In the wake of the report of the investigation, the Heat issued a statement. Former NBA commissioner David Stern appointed him in 2012 to serve as the Kings' chief revenue officer.

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