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Ex-Sacramento Kings exec allegedly stole $9M team money from sponsor Golden 1 CU

Federal law enforcement agencies are investigating Jeffrey David, the former chief revenue officer for the Sacramento Kings, for allegedly laundering off $9 million in team money from Sacramento, Calif.-based Golden 1 CU and another $4.4 million in team money from Kaiser Permanente Foundation, The Sacramento Bee reported Aug. 30.

Golden 1 CU and Kaiser Permanente Foundation are two of the basketball team's top sponsors, according to the report.

The probe began on Aug. 14 after the basketball team alerted federal law enforcement of suspicious financial transactions. The probe focuses on money that was supposed to go to the Sacramento Kings as part of advertising deals with Golden 1 CU and Kaiser Permanente Foundation, including the credit union's 20-year, $120 million naming rights contract for Golden 1 Center signed in 2015, two unnamed sources told the publication.

David's position with the Sacramento Kings was eliminated in June, and he joined the Miami Heat as chief revenue officer in July. Criminal charges have yet to be filed against David, who allegedly used the funds to buy beachfront property in Southern California, according to the publication.

Golden 1 CU is cooperating with federal law enforcement agencies in the investigation, according to the publication.