The former financial advisor to NBA legend Tim Duncan once called Duncan’s complaints about him "naïve and immature." Now Charles Augustus Banks IV faces up to 20 years in prison after pleading guilty to defrauding Duncan.
Banks, currently an investor in prestigious wineries such as Mayacamas and Qupé, entered the plea in federal court in San Antonio, Texas.
Banks pleaded guilty Monday to one count of wire fraud for texting Duncan misleading terms in 2013 for a $7.5 million loan refinancing for a sports merchandising venture that he ran called Gameday Entertainment.
Banks did not immediately respond to attempts to reach him.
The plea enables Banks to avoid a trial in Duncan's hometown of San Antonio, where the now-retired power forward is a hero to many given his nearly 20-year run with the San Antonio Spurs. If called by prosecutors, Duncan was willing to testify against his former planner, Duncan's lawyer J. Tullos Wells who is also general counsel for the Spurs, has said.
Wells declined to comment on recent developments in the case.
Banks advised Duncan while he worked at CSI Capital Management, which was later acquired by SunTrust Bank. After years working as a financial advisor, Banks became a celebrity in the wine world after investing in wineries around the globe. Duncan also is suing Banks in a civil suit filed in Denver, Colorado, which has been stayed pending the outcome of the criminal case.
In total, Duncan's team accuses Banks of causing the NBA star $26 million in losses in different ventures run by Banks, including a winery portfolio.
Banks will be sentenced in June.