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.
Banks is set to be sentenced on June 27.
“I greatly appreciate the work of the Department of Justice and others who have seen the wrongs committed and helped me take action in the hope that others will never have to go through this,” Duncan said.
“While I have much I would like to say about this whole matter, I am following the request of my counsel and withholding comment until the June sentencing date,” he said.
Banks was the forward’s investment advisor from 1997 until 2007 and then became involved in other businesses, which he persuaded Duncan to support, according to the San Antonio Express-News.
SEC records state that the ex-advisor was affiliated with CSI Capital Management of Santa Barbara from 2000 to 2011. He is also listed as being an employee of CSI in San Francisco starting in 1993.