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Miami Heat executive has been placed on administrative leave after coming under investigation for an alleged money-laundering scheme he perpetrated while working for the Sacramento Kings. Jeff David, who currently holds the title of "chief revenue officer" in Miami, is suspected of stealing $13.4 million by diverting the money away from team sponsorships. Via the Sacramento Bee:

A former top executive of the Sacramento Kings is suspected of siphoning off $13.4 million from two of the team's top sponsors and using the funds to purchase beachfront property in Southern California, sources have told The Sacramento Bee.

The FBI and federal prosecutors are investigating Jeffrey R. David, 44, the former chief revenue officer for the Kings who currently holds the same position with the NBA's Miami Heat, for what sources say was a sophisticated money-laundering scheme that allegedly diverted $9 million from the Golden 1 Credit Union and another $4.4 million from Kaiser Permanente Foundation.

As of Thursday, charges had still not been filed, but the Kings released a statement acknowledging the investigation. 

"Last week, we alerted federal law enforcement to suspicious financial transactions involving a former Kings employee, Jeff David," the team said. "That investigation is underway and on Monday, U.S. Department of Justice authorities began the formal process of recovering and seizing the properties involved in the investigation.

The Heat also released a statement saying they are cooperating with the authorities, and have placed David on leave. Via the Sun-Sentinel:

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

Per the Sentinel, David has spent 12 years working in the NBA, and previously served in similar financial-related roles for the Columbus Crew of Major League Soccer and the AVP Pro Beach Volleyball Tour.