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- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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Tim Duncan's Ex-Financial Adviser Gets 4 Years in Prison
[Photo: Tim Duncan / Celebritybio.org]
The SEC announced that Atlanta-based investment adviser Charles Banks IV was sentenced to 4 years in federal prison and ordered to pay $7.5 million in restitution on charges he had defrauding his client, former pro basketball star Tim Duncan. Banks faced up to 20 years in prison.
According to the SEC's complaint, Banks fraudulently induced Duncan to invest $7.5 million in a sports team apparel and merchandise company based on a series of misrepresentations about the investment, then misappropriated funds from his client. Banks apologized to Duncan in court Wednesday for lying to him. Duncan told the media outside the courtroom that he thought the sentencing was fair.
Banks, 49, had pleaded guilty in April when he admitted in court that he got the former San Antonio Spurs superstar to guarantee a $6 million loan for sports entertainment company Gameday Entertainment in June 2013, even though the company was failing.