Former Sacramento Kings executive Jeffrey David was sentenced to seven years in prison on Monday after he pleaded guilty to embezzling more than $13 million from the team’s sponsorship deals.

David, 44, pleaded guilty to charges of wire fraud and aggravated identity theft last December. As the Kings’ chief revenue officer, David fraudulently directed $13.4 million from five of the team’s corporate sponsors into a bank account under his control, with apparent plans to buy beach houses in Southern California and sell them for a profit.

David expressed remorse for his actions and blamed the scheme, in part, on heavy personal use of alcohol.

“This was a cataclysmic mistake,” David said in court documents obtained by the Sacramento Bee It was wrong and selfish and criminal. I know that. I was very wrong to have done this.

“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.”

Federal officials have repaid more than $13 million to the Kings after seizing and selling properties under David’s control. David is expected to begin serving his sentence in August.

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