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- Inside Scaramucci’s Extreme Loyalty to Trump – William Cohan
- Who President Trump Can Pardon, and Who He Can’t
- Ex-UBS Compliance Officer, Day Trader Deny Insider Trading
- Private Equity’s Big Bets on Financial Tech
- Trump Reportedly Floats Making Rudy Giuliani Attorney General
- Mastercard Wins Dismissal of $18 Billion Class Action Suit
- Jailed Schroders Trader Also to Pay $456K for His 'Criminal Lifestyle'
- Raymond Lucia, Ex-Radio Host Asks U.S. Top Court to Rule On Administrative Law Judges
- As Trump Administration Circles the Drain, Anthony Scaramucci Finally Lands West Wing Job
- Internal Power Struggle Rattles Guggenheim Partners
- Why Most People Will Never Be Successful
- Top Deutsche Bank Trader Leaves After Risky Bets Led to $60Mn Loss
- Bank of America Picks Dublin as EU Hub Post Brexit
- E*Trade Rises 4% as Q2 Earnings Beat Estimates
- I Scream, You Scream, FINRA Screams For Ice Cream ... or ... FINRA Deep-Freezes Broker
- Senate Panel OK's David Kautter, Trump Pick for Top Treasury Tax Job
- OJ Simpson Granted Parole After 9 Years in Prison
- PayPal to Partner with JPMorgan
- BNY Mellon Beats on Q2 Earnings as Revenues Improve
- I Scream, You Scream, FINRA Screams for Ice Cream ... or ... FINRA Deep-Freezes a Broker
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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.