Charles Banks is Going to Prison--But His Duncan Troubles Aren't Over

Charles Banks may be on his way to federal prison for four years, but that doesn't mean his issues with Tim Duncan are over, News Radio 1200 WOAI reports.

Banks must report to federal prison in late August to begin serving his 48 month sentence for stealing millions from Duncan in a series of shady deals involving an insolvent sports merchandise company that was headed by Banks. 

U.S. District Judge Fred Biery says Banks will also have to pay $7.5 million in restitution to Duncan.

But it doesn't stop there.Courthouse officials tell News Radio 1200 WOAI that two civil cases filed against Banks by Duncan remain active.

One seeks to recover additional funds Duncan says were improperly scammed from him in the Gameday case.  That civil lawsuit is pending in Colorado.

In another civil matter, Duncan is suing Banks in federal court in San Antonio for more than $1 million, claiming Banks scammed him into putting money into a failing beauty products company.

Banks has also suffered other reversals since being indicted for wire fraud last year.He has been replaced as head of Terroir Capital, a hedge fund he created.  And 'Wine Spectator' magazine says his investments in the Napa Valley wine industry are expected to dry up, because many states and countries prohibit convicted felons, which Banks now is, from owning liquor distribution licenses.


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