National Basketball Association

Ex-financial adviser accused of fraud using Tim Duncan funds

Updated Mar. 4, 2020 6:20 p.m. ET

foxsports

SAN ANTONIO (AP) A former financial adviser for retired Spurs star Tim Duncan is facing fraud charges over millions of dollars in lost investments.

Charles Banks of Atlanta was arrested Friday in San Antonio on two counts of wire fraud. Banks appeared in federal court and was freed on bond.

An indictment returned Thursday says Banks committed fraud while with Gameday Entertainment.

The indictment says Banks encouraged the victim, identified in documents as ''T.D.,'' to loan or invest millions of dollars with him since 2012. Prosecutors say Banks misrepresented the transactions.

Duncan attorney Michael Bernard said Friday that his client is the victim. Duncan last year sued Banks over more than $25 million in failed investments.

Online documents don't list an attorney to speak for Banks.