Miami Heat's chief revenue officer accused of embezzling millions, sources say

Jeffrey David is on leave, pending investigation, Heat says

MIAMI – Jeffrey David, the chief revenue officer for the Miami Heat, is under federal investigation after officials at his former team, the Sacramento Kings, noticed financial irregularities.

Prosecutors did not provide details about the case, but the Associated Press reported that David is suspected of embezzling about $13 million from sponsorship transactions and buying Southern California real estate with the money.

The Miami Heat released a statement Thursday, saying: 

"We are aware of the investigation of Jeff David,  which focuses on events that took place prior to his joining our team. We are fully cooperating with the authorities. Jeff David is on leave, pending the outcome of the investigation," the statement read.

David was hired by the Heat in July.

"David led the (Kings) organization through a new ownership transition and the development of Sacramento’s new downtown arena," said a news release from the Heat at the time his hiring.

The Sacramento Bee first reported the story.