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Ex-Financial Adviser Gets 4 Years For Defrauding Tim Duncan of Millions of Dollars
How could anyone do Tim Duncan like this?
The ex-financial adviser of the retired San Antonio Spurs player received four years in federal prison for defrauding the former NBA star of millions of dollars.
Charles Banks, 49, of Atlanta was sentenced during a court hearing Wednesday in San Antonio and the judge also ordered Banks to pay $7.5 million in restitution.
“Investigators say Banks manipulated Duncan – who retired last year after five NBA championships with the Spurs – into guaranteeing payment of a $6 million debt related to a merchandising business.
Prosecutors say Banks failed to disclose commissions and loans he received in the deal.
Banks is set to report to federal prison as early as Aug. 28.”
Banks had pleaded guilty in April to one count of wire fraud.