The FBI seal.

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.

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Peter Strozniak

Dig Deeper

 

Credit Union Times

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