Charles Banks’ High-Priced Attorneys Arrange For Him To Skip Court Appearance In Tim Duncan Fraud Case
LAYIN’ LOW: Charles A. Banks IV
SAN ANTONIO — A not guilty plea has been entered for Tim Duncan’s former financial adviser, who faces two counts of mail fraud.
Lawyers for Charles Augustus Banks IV filed a waiver of arraignment, which negated the need for a hearing that had been scheduled for Tuesday in San Antonio. Banks, of Atlanta, was indicted Sept. 8 after an FBI investigation.
“It’s considered an entry of not guilty,” Banks’ lawyer, John Murphy, said of the waiver.
Duncan sued Banks in 2015, accusing Banks of inducing him to invest in sports merchandise, wineries and beauty products while not disclosing Banks’ own financial conflicts of interests in the businesses. Court records show that Banks had ownership stakes or financial interests in the investments, and Duncan alleges he lost about $20 million.
This summer, Duncan settled his claims during arbitration over investments in California wineries, known as the Terroir investment deal. The settlement is sealed and its terms are undisclosed.
Still pending are Duncan’s claims that Banks duped him in a $7.5 million loan-investment deal involving Gameday, which is based in Colorado and Banks reportedly controlled, and that Banks induced him to invest $1.1 million in a cosmetics company that Banks knew was in financial straits.
The criminal charges deal only with the Gameday deal, in which Duncan accuses Banks of defrauding him on a $7.5 million loan to Gameday. 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 exposure to $13.5 million at Comerica Bank instead of $6 million.