Charles Banks, the financial manager who pled guilty in April to stealing millions from former San Antonio Spur Tim Duncan by enticing him to invest in dummy corporations, is set to be sentenced this morning in federal court in San Antonio, News Radio 1200 WOAI reports.
Banks, 49, pled guilty to one count of wire fraud and he could get up to 20 years in prison.
But Banks is expected to receive probation, and be required to repay up to $13 million he diverted from Duncan while acting as his financial planner.
Evidence indicated that Banks created a merchandising company called Gameday Entertainment and convinced Duncan, largely by sending him urgent memos the afternoon of key playoff games when Duncan clearly wasn't focused on his investments, to guarantee loans and transfer funds to Gameday.
Things have not gone well for Banks after he was indicted in the Duncan case. He has been replaced as director of Terrior Capital, the hedge fund he created, and 'Wine Spectator' magazine reported that laws in the U.S. and abroad which prohibit convicted felons from holding liquor permits will significantly curtail his wine empire, which once had an estimated value of $200 million.
A separate civil suit filed against Banks by Duncan, allegedly $25 million in fraudulent investments, is still active but is expected to be settled following today's sentencing.