SACRAMENTO, Calif. (AP) — The Sacramento Kings say the federal government is repaying the team $13.4 million a former official stole to buy luxury beachfront homes.
The team announced Wednesday that the U.S. Justice Department is making full restitution.
The Sacramento Bee says the feds are using money they got by selling the homes purchased by Jeff David, the Kings' former chief revenue officer.
Prosecutors say David diverted money that Golden 1 Credit Union and Kaiser Permanente paid to the team for stadium naming rights and sponsorship deals.
David pleaded guilty in January to wire fraud and aggravated identity theft. He's scheduled for sentencing next month and could face up to 20 years in prison but prosecutors are expected to ask for 8 ½ years.
