SAN FRANCISCO -- The Sacramento Kings said Thursday that federal authorities are investigating a former top executive after team officials uncovered suspicious financial transactions.

The Kings said the FBI and federal prosecutors took formal action Monday to recover 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 U.S. Attorney's office in Sacramento declined to comment and the team provided no other details. No charges have been filed.

David's Miami-based attorneys said Thursday night that he is cooperating with law enforcement. The Heat said they are cooperating with the investigation and have put David on leave.

A person with knowledge of the investigation told The Associated Press that David is suspected of embezzling about $13 million from sponsorship transactions and buying Southern California real estate with the money. The person spoke on the condition of anonymity because the person wasn't authorized to speak publicly about the investigation.

The person said federal authorities formally sought seizure of the properties Monday.

The Sacramento Bee first reported the investigation .

The NBA said it is aware of the investigation and has been in contact with the Kings and Heat and with authorities. "We will continue to monitor for any developments," the NBA said in a statement.

The Heat hired David in July, with team president of business operations Eric Woolworth calling him "supremely qualified" to help the franchise.

David has spent more than a decade in the NBA. Former NBA commissioner David Stern appointed him in 2012 to serve as the Kings' chief revenue officer.