Ex-Financial Adviser Charles Banks serves Prison Sentence for Fraud
According to reports this week, Spurs star Tim Duncan, finally settled his lawsuits against his ex-financial advisor Charles Banks. Banks was accused of defrauding Duncan out of $20 million and now is serving a four-year prison sentence. Duncan is reportedly receiving a $7.5 million settlement.
In April 2017, Banks pleaded guilty to two counts of wire fraud. In the lawsuits, Duncan claimed Banks had talked him into investing in a series of bad ventures.
Banks admitted he had convinced Tim Duncan to invest millions in hotels, beauty products, sports merchandising and wineries. According to Duncan, Banks failed to disclose he owned or had financial stakes in many of those ventures.
Tim Duncan reportedly invested heavily in a company Banks owned, Gameday Entertainment LLC. According to the lawsuit, Duncan loaned Gameday $7.5 million which exposed him to millions in liability, instead of potentially benefitting him. The deal never saw returns, but Banks continued to urge Duncan to invest.
According to reports, Duncan invested over $24 million based on Banks’ financial advice but he never saw returns. Many of the entities he invested in either went bankrupt, or didn’t profit enough for him to earn returns.
Recover your Investment Losses
When brokers make unsuitable investment recommendations and squander client funds, the brokerage firm that employs them may be liable for failure to supervise and responsible for investment losses.
If you were a client of Charles Banks and suffered losses, The White Law Group may be able to help you by filing a FINRA arbitration claim against the brokerage firm that sold you the investment. For a free consultation with a securities attorney call 888-637-5510.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit www.whitesecuritieslaw.com.