Golden 1 CU, the Sacramento Kings & a FBI Investigation
Jeff David is accused of using $9 million of Golden 1 Credit Union’s funds to buy beachfront properties in Southern California.
The $11.9 billion Golden 1 Credit Union said Thursday it is cooperating with an FBI investigation of a former Sacramento Kings executive who allegedly diverted millions of corporate sponsorship funds to buy beachfront properties in Southern California.
The Sacramento Bee reported Jeffrey R. David, 44, the Kings’ former chief revenue officer and a former NBA executive, allegedly siphoned $9 million from Golden 1 CU and $4.4 million from Kaiser Permanente Foundation. The alleged scheme was uncovered by an internal investigation conducted by the Kings’ organization. The money is reportedly being recovered with no losses to the team or to Golden 1 CU and the Kaiser foundation, according to the newspaper.
The Kings turned over its internal probe findings to the FBI last week, which launched its own investigation and reportedly began the formal process of seizing the properties. The FBI declined comment.
In June 2015, the Sacramento-based Golden 1 CU became the first cooperative in the nation to sign a 20-year, $120 million naming rights deal for a major league professional sports venue, — Golden 1Center — that opened in September 2016 as the home court arena of the NBA’s Sacramento Kings.
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