Former sports executive agrees to plea deal in CU fraud case
Jeff David admits he used Golden 1 CU’s $9 million naming rights deal payment to buy beachfront properties.
A former sports executive agreed Wednesday to a plea deal in which he admitted to diverting millions in corporate sponsorship funds, including $9 million from the $12.1 billion Golden 1 Credit Union, to pay for beachfront properties, a private jet membership and credit card bills.
Jeffrey R. David, 44, the Sacramento Kings’ former chief revenue officer and a former NBA executive, is scheduled to appear before a U.S. District Court judge in Sacramento, Calif., on Dec. 26. He has agreed to plead guilty to wire fraud and aggravated identify theft.
In June 2015, the Golden 1 CU signed a 20-year $110 million naming rights deal for the new arena of the NBA’s Sacramento Kings, which opened as Golden 1 Center in September 2016.
On behalf of the basketball team, David negotiated the naming rights deal for the credit union to pay $6 million annually for the first three years, $5.5 million for years four through 17 and $5 million for years 18 to 20. In addition, in August 2015, David also negotiated a $28 million sponsorship deal with the Kaiser Permanente Foundation, which agreed to pay $2.8 million annually over 10 years.
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