The financial adviser who pled guilty to ripping off Spurs legend Tim Duncan has agreed to pay in full the $7.5 million in restitution that he agreed to pay Duncan as part of his plea agreement, News Radio 1200 WOAI reports.
But U.S. District Judge Fred Biery refused Charles A. Banks' request to allow him another two months before he has to report to prison to begin serving his four year sentence for wire fraud.
"There are two exceptions to the Court's normal sixty day self surrender policy," Biery wrote in a typically wry opinion. "One-defendants who are putting themselves and their families in harm's way by making cases against other people and 2-financial defendants who have unequivocally admitted their guilt, waived their right of appeal, and are making efforts to pay full undeniable restitution. This defendant meets neither criteria."
Biery gave Banks until Tuesday, September 5 to report to the Federal Prison at Fort Maxwell in Alabama. It's a medium security facility which houses white collar inmates. One of Banks' fellow inmates will be Jeff Skilling, and CEO of Houston based Enron Corp, which failed due to Skilling's mishandling of the company's assets.
Other Maxwell inmates have included former Illinois Congressman Jesse Jackson, Jr, and Nixon era U.S. Attorney General John Mitchell, who was convicted of perjury during the Watergate investigation.
Biery warned that if Banks does not report to BOP Maxwell by Tuesday, he will be incarcerated instead in the GEO facility in San Antonio, which is a far tougher facility than BOP Maxwell.
Banks is appealing the sentence and the restitution demand, and the money will be held in trust by the court until the appeals are settled.
Banks was charged with stealing millions from Duncan by defrauding him into placing money into a sports memorabilia company Banks headed, and by using Duncan's money without his permission to secure loans.
Banks is also still facing a civil lawsuit filed by Duncan.