Former RIA Charles Augustus Banks IV has been indicted on two counts of criminal wire fraud for allegedly bilking legendary San Antonio Spurs power forward Tim Duncan out of at least $7.5 million.
Banks, 48, who maintains his innocence, could face 20 years in prison if convicted. The owner of vineyards around the world, Banks turned himself in to the FBI in San Antonio, Texas, on Sept. 9 before appearing handcuffed at federal court there. He is free on $1 million bail after posting a $50,000 bond. The SEC has filed a parallel case against Banks.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access