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- Julie Erhardt is SEC's New Acting Chief Risk Officer
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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.