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April 04, 2017 at 08:20 AM
The financial advisor who used to count recently retired San Antonio Spurs forward Tim Duncan as a client pleaded guilty to wire fraud on Monday.
The charge is one of four facing Charles Augustus Banks IV, who could spend as long as 20 years in a federal prison and be required to pay a fine of up to $250,000 as well as restitution to the retired NBA star, according to the U.S. Attorney’s Office.
“Mr. Banks is now a confessed felon,” Duncan said in statement obtained by multiple news outlets in the Alamo City. “I will continue to cooperate with the U.S. Attorney’s Office and Mr. Banks’ probation officer, at their request.”
Duncan filed a $1 million lawsuit against Banks in federal court in 2015, arguing in a court document that advisor had committed “egregious breaches of his trust,” according to the San Antonio Business Journal.
Specifically, the basketball star was urged to loan $7.5 million to Gameday Entertainment in 2012 and to guarantee a separate $6 million loan made to the sports merchandiser. At the time, Banks was chairman of Gameday.
