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MIAMI (CBSMiami) – A Miami Heat executive is under federal investigation for fraud and has been placed on leave by the team.

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Chief revenue officer Jeff David, who was hired by the Heat in July, is being investigated for actions taken during his time working for the NBA’s Sacramento Kings.

David, 44, held the same role with the Kings as he does with the Heat.

According to CBS13 in Sacramento, the fraud is connected to the naming rights of the Kings home arena, the Golden 1 Center, which opened in 2016.

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Additionally, the Sacramento Bee is reporting that David is suspected of taking $13.4 million from two of the Kings’ sponsors, money intended for the team, and using it to buy beachfront property in Southern California.

Following reports of the investigation, the Heat released a statement regarding David:

“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 Kings also released a statement regarding the investigation:

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“Last week, we alerted federal law enforcement to suspicious financial transactions involving a former Kings employee, Jeff David. That investigation is underway and on Monday, US Department of Justice authorities began the formal process of recovering and seizing the properties involved in the investigation. We appreciate the swift action on behalf of the officials at the FBI and US Attorney for the Eastern District of California McGregor Scott as they work to complete this investigation and we will take all appropriate action once it is complete.”