SAN FRANCISCO (AP) — The Sacramento Kings say federal authorities are investigating a former top executive after team officials uncovered suspicious financial transactions.

The Kings said Thursday that the FBI and federal prosecutors took formal action Monday to recover the money former chief revenue officer Jeffrey David is suspected of embezzling. David holds the same position with the Miami Heat after leaving the Kings in June.

The Heat said they are cooperating with the investigation and have put the 44-year-old on leave.

David didn't respond to an email request for comment.

No charges have been filed. The U.S. Attorney's office in Sacramento declined to comment Thursday.

A spokesperson for the Kings issued the following statement on the situation:

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.