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- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
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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.