Adviser to Spurs Star Gets Time for Investment Fraud

Adviser to Spurs Star Guilty of Investment Fraud

Former financial adviser to San Antonio Spurs star Tim Duncan has admitted to investment fraud. Venture capitalist and former financial adviser Charles A. Banks IV pleaded guilty in April to one count of wire fraud.

Basketball Star Loses Millions to Fraud

Banks accepted the charges of fraud for duping the athlete into investing in a sportswear company he controlled, defrauding the basketball star of millions. The adviser, sentenced by a Texas federal judge, will serve four years in prison and pay $7.5 million in restitution.

Federal prosecutors say that Banks manipulated Duncan into guaranteeing payment of a $6 million debt related to a merchandising business.

Banks could begin to serve his time as early as August. The U.S. Department of Justice said in a statement that after his release he will have to serve three years’ probation.

Have You Been a Victim of Investment Fraud?

If you are the victim of investment fraud or believe you have been scammed, you may have certain legal rights that require your immediate attention.

Call an Investment Fraud Attorney Today

If you are looking for an attorney to review your rights and options, the securities lawyers at Dimond Kaplan & Rothstein, P.A. may be able to help you recover your investment losses.

Contact an attorney at Dimond Kaplan & Rothstein, P.A. today to schedule an appointment or consultation to review your rights and options.