Law360, New York (April 3, 2017, 4:53 PM EDT) -- Financial adviser Charles Augustus Banks IV pled guilty in Texas federal court Monday to a wire fraud charge over allegations that he duped former San Antonio Spurs player Tim Duncan into guaranteeing a $6 million loan to a sportswear company the adviser controlled.
The U.S. Attorney’s Office for the Western District of Texas issued a statement Monday revealing the guilty plea, saying Banks admitted to manipulating the NBA player into guaranteeing the loan issued to sports clothing retailer Gameday Entertainment LLC by misrepresenting the nature of the transaction. Banks also failed to disclose the benefits he received from Gameday tied to...
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