NBA star Tim Duncan wins restitution as court sentences former financial adviser, to pay back $7.5M and spend 4 years in jail – Charles Banks stole over $30M from Duncan in dodgy deals
NBA star Tim Duncan slams ex-wife’s ‘betrayal’ while pleading for his former financial adviser to receive a lengthy prison sentence for swindling $30million from him in dodgy investments
Duncan, 41, testified in federal court during a trial involving his ex-financial adviser, Charles Banks IV
Banks IV pled guilty to wire fraud for defrauding Duncan earlier this year
He was sentenced Wednesday to 4 years for defrauding the former Spurs out of millions of dollar
Banks was also ordered to make restitution payments of $7.5m
Duncan told court he was embarrassed Banks had swindled him out of his money
The basketball icon said betrayal was similar to what he felt during his divorce
The defendant was ordered to report to prison on August 25
Tim Duncan arrives to federal court for sentencing of former advisor Charles Banks
Tim Duncan’s former financial adviser was today sentenced to four years in prison for swindling retired NBA star out of millions of dollars he was supposedly managing and investing on behalf of his client.
Charles Banks, IV, had faced up to 20 years in prison and offered a tearful apology in court during his sentencing in federal court.
“I’m sorry and I accept responsibility for what I’ve done,” Banks said.
The man who arrived in federal into court full of verve was teary when he described the sight of him being shackled in front of his family.
Banks was jailed after the NBA star pleaded with a Texas court for him to be punished for stealing millions while managing his money.
Charles Banks IV wept as Judge Fred Biery in San Antonio federal court handed down his sentence, which included four years behind bars and restitution payments of $7.5million, for defrauding Duncan into guaranteeing a $6million loan.
Testimony throughout the trial indicated Duncan lost almost all of the $24.1million he invested with Banks, in addition to the loan sum.
During his witness testimony on Tuesday, the San Antonio Spurs’ champion compared the betrayal he felt from his former adviser was similar to what he felt from his ex-wife.
A weeping Charles Banks recalled leaving court handcuffed in September 2016
Tim Duncan’ expressed a deep sense of embarrassment over the betrayal of his trust in the messy situation to the judge.
Duncan, 41, and his former wife, Amy Sherrill, divorced in 2013 after legal messy proceedings. The couple had married in 2001.
‘Judge Biery, you may not understand how difficult it is for me to be in the public light in this horrible way – as the poster child for a dumb athlete whose financial adviser took his money,’ he told the court, according to the Houston Chronicle.
He added is was a ‘similar betrayal’ to what he felt when his marriage collapsed.
Duncan’s Tuesday statement then turned towards Banks.
‘He earned my trust as my financial adviser and friend, so I felt comfortable moving forward without replacing the checks and balances as he moved on to running his own thing,’ he said.
‘Unfortunately, I was wrong about that decision. I just wanted you to own up, pay up and we’d move on, you wouldn’t, so now we’re here with this in front of a judge.’
‘My biggest fear is that you will give him a sentence that will allow him to go out into the world and tell everyone as he has continued to do since his guilty plea that he did not do anything wrong and he proves by having very little to no jail time,’ Duncan told the court.
‘I respectfully ask you, do not do that. I promise you, that if he has any excuse to get back into this line of business, he will be out hustling and doing the same to others.’
Tim Duncan told the judge he felt a great sense of embarrassment and betrayal that his trust in Charles Banks, who scammed him of $30million was misplaced
On Wednesday, Banks said he was remorseful over what he did to Duncan.
‘I’m sorry and I accept responsibility for what I’ve done,’ he said, according to News4 San Antonio.
Duncan briefly stopped to speak to the media as he left the court following the hearing.
‘Happy to have it done… Happy to have it behind me,’ he said.
‘I’m fine with what they decided. Putting someone in prison is not what you want out of this, but when you break the law, you do a crime, you have to do… you have to pay up.
‘And, unfortunately, this is…that’s what happened. He apologized, and I believe he’s sorry for it. But we got to this point because of what was done, and the judge decides the punishment.’
Tim Duncan compared the betrayal to being defrauded to when he and his ex-wife, Amy Sherrill, divorced in 2013 after legal messy proceedings.
Some of the Spurs’ star’s former teammates and coaches, including Manu Ginobli, Gregg Popovich, RC Buford, and Sean Elliott were also in court for the hearing.
Fellow former NBA star Kevin Garnett was also in court, and was seen hugging Banks. Garnett was at one time an equal partner with Banks in a company the adviser allegedly used to funnel money.
Last hurrah: Tim Duncan and his San Antonio teammates celebrate winning the NBA Championship in 2014. Spurs retired his jersey in December 2016
Duncan and his attorneys addressing the media after sentencing, Wednesday
Banks pled guilty to wire fraud for defrauding Duncan earlier this year. He was ordered to report to prison on August 25.
The defrauding of Duncan stemmed back to his investments, specifically, a $6million loan guarantee in a sports-merchandise company, Gameday Entertainment, that Banks ran.
When Duncan was then going through his divorce, his legal team found problems with the cash loans the star had given his adviser.
Banks was never able to provide Duncan and his lawyers with a complete financial pictures, but of the total $24.1million the NBA invested with him, he is left with only $7million.
Duncan and his attorney spoke to reporters following Banks’ sentencing admitted the resolution of the case was a big weight off of your shoulders: “Yeah, happy to have it done,” “Happy to have it behind me.” Duncan said
Duncan said he was satisfied with the judges’s decision: “I’m fine with what they decided,” said Duncan. “It’s, um, I see putting someone in prison is not what you want out of this, but when you break the law, you do a crime, you have to do…you have to pay up. And, unfortunately, this is…that’s what happened.”
He also praised the work done by the Department of Justice and the FBI concerning putting the case together.
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