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Charles Banks, Accused Of Stealing $20 Million From Tim Duncan, To Be Indicted Today

tim-duncan-money

GRAPE EXPECTATIONS: St. Croix’s Tim Duncan

SAN ANTONIO — A federal grand jury in Texas is returning a two-count indictment for wire fraud against Charles Banks, a financial adviser who has been alleged to have mishandled over $20 million in investments of his ex-client, retired Spurs All-Star Tim Duncan, the Virgin Islands Free Press has learned.

The indictment is expected to be unsealed in a San Antonio court today, where Banks is expected to be present for a hearing, sources with direct knowledge told The Vertical.

In a lawsuit filed in 2015, Duncan, the five-time NBA champion, charged that Banks steered him toward multiple investments in hotels, wineries and beauty products despite not revealing Banks’ own financial conflicts of interests in the businesses.

Court records and documents show that Banks had ownership stakes or financial interests in the investments.

Duncan accused Banks of defrauding him on a $7.5 million loan to Gameday, a company that Banks maintained control over.

Gameday also received a bank loan with what Duncan says he believed was his signature on a document that would get him $1.5 million in cash back and lower his guarantee exposure.

Banks is alleged to have used that signature to increase Duncan’s guarantee exposure to $13.5 million at Comerica Bank instead of $6 million.

Duncan earned over $240 million in salary in his 19-year NBA career.

Banks has also been linked to Minnesota Timberwolves All-Star Kevin Garnett through his financial advisement company.

http://www.mysanantonio.com/news/local/article/Feds-indict-Tim-Duncan-s-former-financial-9212381.php

http://www.ksat.com/sports/nba/spurs/reports-former-financial-advisor-to-tim-duncan-indicted-for-wire-fraud

http://www.forbes.com/sites/richardnalley/2016/01/15/charles-banks-interview-terroir-capital-screaming-eagle/#59099ac26a05

charles-and-mini-banks

WHAT AM I BID FOR A GOOD DEFENSE ATTORNEY? Charles Banks with his wife Mini laugh off the charges as he allegedly freely spends Tim Duncan’s money.

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The Author

John McCarthy

John McCarthy

John McCarthy is primarily known for his investigative reporting on the U.S. Virgin Islands. A series of reports beginning in the 1990's revealed that there was everything from coliform bacteria to Cryptosporidium in locally-bottled St. Croix drinking water, according to a then-unpublished University of the Virgin Islands sampling. Another report, following Hurricane Hugo in 1989, cited a Federal Emergency Management Agency (FEMA) confidential overview that said that over 50 percent of the U.S. Virgin Islands public lives below the poverty line. The Virgin Islands Free Press is the only Caribbean news source to regularly incorporate the findings of U.S. Freedom of Information Act requests. John's articles have appeared in the BVI Beacon, St. Croix Avis, San Juan Star and Virgin Islands Daily News. He is the former news director of WSVI-TV Channel 8 on St. Croix.

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