Feds repay $13.4 million stolen by Sacramento Kings exec
SACRAMENTO, Calif. (AP) - The Sacramento Kings say the U.S. government is repaying the basketball team $13.4 million that a former official stole to buy luxury beachfront homes.
The team announced Wednesday that the U.S. Justice Department is providing full restitution.
The Sacramento Bee newspaper reported that the government is using money it got from selling the homes purchased by Jeff David, the Kings' former chief revenue officer.
Prosecutors say David diverted money that Golden 1 Credit Union and Kaiser Permanente paid to the team for stadium naming rights and sponsorship deals.
David pleaded guilty in January to wire fraud and aggravated identity theft. He's scheduled for sentencing next month and could face up to 20 years in prison, but prosecutors are expected to ask for 8½ years.
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