Former Kings exec gets 7-year prison sentence
Jeffrey R. David, the disgraced former Sacramento Kings executive accused of siphoning off $13.4 million from team sponsors to purchase lavish beachfront homes in Southern California, was sentenced Monday to seven years in federal prison.
In a sentencing hearing that lasted more than an hour and a half, David wiped away tears and held back sobs at times as he described the damage he had done to his wife and three young children, but he could never seem to answer the basic question: Why did he do it?
David, who made $30,000 a month as the Kings chief revenue officer and also received a yearly bonus, said during court that he believed he could purchase the homes, improve them and sell them at a profit later that would allow the Kings to be repaid in full.
“I had intended to keep the profits for my kids’ college and my retirement,” David told Senior U.S. District Judge William B. Shubb. “I didn’t want to use the principal for my family.
“I only wanted to use the profit. The principal was going to go back the the Kings.”
“It was incredibly stupid,” David added. “I’ve lost the respect that I had and I’ve lost a job and career that I loved ... When I look back I can’t believe what was going on in my head.”
Sacramento attorney Mark Reichel, who defended David along with Marc Seitles and Ashley Litwin, attorneys from Miami where David lived when the scheme was discovered, said he was “disappointed” at the sentence.
“We thought the government pushed really hard for a high sentence and the judge had to consider that,” Reichel said. “Jeff David would never commit a crime ever again. He was a delight to represent.”
David’s attorneys had been hoping for a two-year sentence, the minimum allowed, but Shubb said the crime deserved a substantial sentence and that he didn’t believe David was not after the millions he took.
“That story is not credible,” Shubb told David. “It’s not worthy of belief. I don’t believe that was his intention. It doesn’t make sense.”
Prosecutors had been asking for an 8 1/2 year sentence, but family members and friends of David’s sent Shubb 60 letters imploring him to show mercy on David, who they described as a kind, generous man who had contributed countless volunteer hours to the community.
A pastor, his in-laws and the mother of a child on the soccer team David coached all spoke to the judge before sentencing, and David spoke last, breaking down several times as he told the judge he was relieved the ordeal ended with the Kings regaining all the money he took.
“I’m happy everybody got their money back,” he said. “I’m happy I’ve come clean.”
David’s was accused of a bizarre plot in which he formed a company using forged signatures from officials at the Kings, Golden 1 Credit Union and Kaiser Permanente and convinced the sponsors to make early payments on deals he had already negotiated with them.