Ex-financial adviser guilty of defrauding Tim Duncan
SAN ANTONIO (AP) An ex-financial adviser to retired San Antonio Spurs star Tim Duncan has pleaded guilty in a multimillion-dollar fraud case and faces up to 20 years in prison.
Federal prosecutors say 49-year-old Charles Banks of Atlanta pleaded guilty Monday in San Antonio to one count of wire fraud.
Investigators say Banks manipulated Duncan – identified in court documents as ”T.D.” -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.
Duncan previously sued Banks over what he alleged were more than $25 million in failed investments.
Banks remains free on bond pending sentencing. He could be ordered to make restitution to Duncan, who retired last year after five NBA championships with the Spurs.