Last week, the Fifth Circuit Court Appeals upheld the federal prison sentence for Charles Augustus Banks IV, the former financial adviser for NBA legend Tim Duncan.
In 2017, Banks pleaded guilty to fraud, admitting that he encouraged Duncan to loan Gameday Entertainment $7.5 million, as well as personally guarantee another $6 million loan. Banks was Chairman of the Board of Gameday, and not only misrepresented the true nature of the transactions, he did not fully disclose the commissions, payments and loans he received from Duncan’s loans.
Banks was sentenced to four years in prison, and according to the press release, restitution has been paid in full.
We mention this case because even Tim Duncan – a former professional athlete with all the resources in the world – can be the victim of investment fraud.
It’s always a wise decision to discuss any investment with an attorney before money exchanges hands, particularly one in which you have limited knowledge. The Harris Firm has a tremendous amount of experience in investment fraud. If you’ve been a victim of fraud, or if you have any questions about investments you’ve made, please contact us for a complimentary consultation.
