Despite Paying $7.5M In Restitution, Man Who Swindled Tim Duncan Must Stay Jailed
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SAN ANTONIO — The Fifth Circuit Court of Appeals has decided to uphold the federal prison sentence for the former financial adviser of St. Croix’s Tim Duncan.
A judge ordered Charles Augustus Banks IV to pay $7.5 million in restitution following his sentencing in 2017. Banks filed an appeal, but the court affirmed the sentencing on Tuesday.
Banks, an executive with Gameday Entertainment, LLC, was sentenced to four years in prison for swindling Duncan out of millions of dollars. Banks encouraged Duncan to loan $7.5 million to Gameday in 2012. Banks then encouraged Duncan to personally guarantee another $6 million loan.
During this time, Banks was Chairman of the Board of Gameday and personally benefited in the form of millions of dollars in loans and commissions from the proceeds of these loans.
Banks pleaded guilty to fraud in 2017, admitting that he manipulated Duncan into guaranteeing Gameday’s $6 million debt by misrepresenting the true nature of the transaction.
Additionally, Banks failed to fully disclose the commissions, payments and loans he was receiving from Gameday that were specifically tied to these transactions.
According to the news release, the restitution has been repaid in full.