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- State Street Challenging BNY Mellon As Largest Custody Bank
- Changes to FINRA Advisory Committees: Phase 1
- SEC Approves CAT Fee Dispute Resolution Process
- Boston-Area Consultant & Friend Settle SEC Insider Trading Charges
- SEC Chair Clayton: Statement on Status of the Consolidated Audit Trail ('CAT')
- Goldman to Launch $5bn Fund with China Investment Corp.
- Wells Fargo Launches Robo-Adviser Targeting Millenial Investors
- Barclays Fails to End U.S. 'Dark Pool' Class Action
- Goldman Sachs' Chief Risk Officer, Craig Broderick, to Retire
- Time to Renew FINRA Registrations - B/D, IA, Agent, IA Rep, Branches
- New Jersey’s Next Governor Could Be a Democrat Who Worked at Goldman Sachs
- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
- Saudi Arabia's arrest of Prince Alwaleed 'would be like arresting Warren Buffett or Bill Gates' in the US
- Arrest of Billionaire Saudi Prince Touches Sizable Stakes - Citigroup, Twitter, Lyft
- New York Fed President William Dudley set to announce retirement
- FINRA Arbitration Panel Rules Against ex-LPL Broker in $30Mn Lawsuit vs. Firm
- OOPS! Goldman, JPMorgan, BofA Fail in Pricing an IPO
- Former Merrill Broker Pleads Guilty to Fee Fraud, Faces Up To 25 Years
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NEWSLETTERS & ALERTS
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.