A U.S. District Court judge in Sacramento, Calif. sentenced former sports executive Jeffrey R. David to seven years in prison Monday for stealing millions in corporate sponsorship funds, including $9 million from the $12.7 billion Golden 1 Credit Union, to pay for beachfront properties, a private jet membership and credit card bills.
His defense attorneys asked Judge William B. Shubb to give David only two years. They argued there was no “actual or intended financial loss” because he invested the stolen funds in properties that were valued at equal to the amount or more than the $13.4 million in sponsorship money from California’s second largest credit union and the Kaiser Permanente Foundation. The funds were supposed to be paid to the Sacramento Kingsfor naming rights and sponsorship deals negotiated by David.
In May, the NBA basketball team received $13.2 million from the sale of the properties, while the remaining restitution balance is expected to be paid to the team after a court-ordered criminal forfeiture.
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