Ex-Kings executive Jeffrey David to plead guilty to fraud, ID theft

SAN FRANCISCO -- Court records show a former Sacramento Kings top executive has agreed to plead guilty to siphoning $13.4 million from the team to buy Southern California beachfront properties.

Federal prosecutors in Sacramento, California, on Wednesday filed charges and a plea agreement signed by former chief revenue officer Jeffrey David admitting to forging the team president's signature to divert sponsorship payments to a bank account he controlled. Court records show the properties have been sold for $14.8 million, and the team is expected to recoup the stolen funds.

David is expected to plead guilty to wire fraud and identity theft in January and faces at least two years in prison, court records show.

David's lawyer, Mark Reichel, didn't return a call for comment.

The Sacramento Bee first reported the plea deal Wednesday.