Tim Duncan's former investment adviser has been charged with two counts of fraud
Former NBA Player Tim Duncan is an alleged victim of fraud. Duncan’s former investment adviser, Charles Augustus Banks IV, was arrested on Friday and charged with two counts of wire fraud.
Banks was released on bond.
Banks is accused of using his former position as the chairman of the board for Gameday Entertainment LLC in order to defraud Duncan out of millions of dollars.
Gameday Entertainment LLC is a privately owned investment firm dealing mainly with sports apparel and merchandise.
From 2012 to 2013, Banks convinced Duncan to loan him a total of $13.5 million. According to a press release from the United States Attorney’s Office in the Western District of Texas, Banks “personally benefitted” from the millions of dollars in loans he received.
It must be noted that the U.S. Attorney’s Office in the Western District of Texas never named Tim Duncan as the victim. The information about Tim Duncan was obtained from My San Antonio.
Along with the two wire fraud charges in Texas, the United States Securities and Exchange Commission (SEC) has also filed a claim and five counts of fraud against Banks associated with the case.
The SEC filed its claim in the U.S. District Court in the Northern District of Georgia. Banks met Duncan in 1998. During that time, Banks was working as an investor with the investment firm CSI.
Two years after meeting Duncan, Banks was promoted to the position of president of the company.
Banks went on to stay with CSI for another seven years. My San Antonio reported that the former NBA player thought Banks was still his investment advisor after Banks departure from CSI in 2007.
Duncan told My San Antonio that Banks gave him “investment advice and encourage him to invest or loan money in projects in which (Banks) was involved.” Banks denies the claims.
Banks said that Duncan’s anger with him is a result of Duncan not wanting his ex-wife to know about his personal finances.
If Banks is found guilty, he could face a maximum of 20 years in prison.
Banks is accused of using his former position as the chairman of the board for Gameday Entertainment LLC in order to defraud Duncan out of millions of dollars.
Gameday Entertainment LLC is a privately owned investment firm dealing mainly with sports apparel and merchandise.
From 2012 to 2013, Banks convinced Duncan to loan him a total of $13.5 million. According to a press release from the United States Attorney’s Office in the Western District of Texas, Banks “personally benefitted” from the millions of dollars in loans he received.
It must be noted that the U.S. Attorney’s Office in the Western District of Texas never named Tim Duncan as the victim. The information about Tim Duncan was obtained from My San Antonio.
Along with the two wire fraud charges in Texas, the United States Securities and Exchange Commission (SEC) has also filed a claim and five counts of fraud against Banks associated with the case.
The SEC filed its claim in the U.S. District Court in the Northern District of Georgia. Banks met Duncan in 1998. During that time, Banks was working as an investor with the investment firm CSI.
Two years after meeting Duncan, Banks was promoted to the position of president of the company.
Banks went on to stay with CSI for another seven years. My San Antonio reported that the former NBA player thought Banks was still his investment advisor after Banks departure from CSI in 2007.
Duncan told My San Antonio that Banks gave him “investment advice and encourage him to invest or loan money in projects in which (Banks) was involved.” Banks denies the claims.
Banks said that Duncan’s anger with him is a result of Duncan not wanting his ex-wife to know about his personal finances.
If Banks is found guilty, he could face a maximum of 20 years in prison.
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