Ex-Spurs Star's Adviser Gets 4 Years For Investment Fraud

By Jess Krochtengel (June 28, 2017, 8:56 PM EDT) -- A venture capitalist and former financial adviser who admitted he duped longtime San Antonio Spurs star Tim Duncan into investing in a sportswear company he controlled was sentenced to serve four years in prison and pay $7.5 million in restitution by a Texas federal judge Wednesday.

Charles A. Banks IV, 49, could begin his time behind bars as early as August and will have to serve three years' probation after his release, the U.S. Department of Justice said in a statement. Banks acted as a financial adviser for Duncan for about a decade as part of a California investment firm specializing...

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