Tim Duncan is now a winner both on the basketball court and in federal court.
The Former Spurs star sued his former investment advisor, claiming he was ripped off in a business deal gone badly. Today, that advisor, Charles Banks, pled guilty to federal wire fraud charges.
"Mr. Banks is now a confessed felon," Tullos Wells, Duncan's attorney, tells Newsradio 1200 WOAI. "We're going to continue to cooperate with the Department of Justice and with Mr. Banks probation office. Other than that, we'll have no comment."
Asked how he felt, Duncan told 1200 WOAI news, "No comment."
The center of fraud revolved around a now-defunct company called Gameday. It had contracts with pro sports teams like the Denver Broncos to sell merchandise. In order to get operating capital, Banks got Comerica Bank to hand out a loan in Duncan's name.
In court, Banks admitted to lying to Duncan about the specifics of the new loan and didn’t tell the pro athlete that, if Gameday went bottom up, he was no longer first in line to collect.
Text messages between the pair were laid out in court papers obtained by 1200 WOAI news.
"On the good news front Gameday is crushing. We are changing your 7.5m loan to 6m. Paying it down 1.5m. Sending you an amendment to the loan I need you to send back when you get it. Turning out to be even better than hoped," Banks texted Duncan.
Duncan, in return, expressed surprise. “Why are we changing the loan?? If it is crushing, should I get more of the company?? Or at least what was agreed upon?? I'm Confused." he texted back.
Banks faces up to 20 years in federal prison, but the bigger question seems to be how much money Duncan will be awarded. The feds put the number at over $13 million. Banks attorneys feel it's far less. In court, they believe that a deal has been reached to get Duncan off the hook for a $6 million loan. It's unclear if that's been reached. The feds say, during the time of the fraud, Banks pulled down more than $5 in salary.
That will be part of the debate during sentencing, which has been set for June 27th.