No mercy for Charles Banks.1200 WOAI news reports the man who pled guilty last year to rippng off former Spur Tim Duncan in an investment scheme has had his four year sentence, and his court ordered restitution, upheld by the Fifth U.S. Circuit Court of Appeals.
"I am very pleased that our prosecutors and appellate team were able to obtain justice and restitution for the victim in this case," U.S. Attorney John Bash said.
Banks entered a guilty plea to one count of of wire fraud. He allegedly convinced Duncan to invest in a company called Gameday Entertainment without fully disclosing the commissions, payments, and loans he was receiving from the company.
He also allegedly got Duncan to co-sign a $6 million loan to Banks and Gameday from a San Antonio bank without fully informing Duncan of the terms of the deal.
Duncan lost an estimated $7.5 million in the transaction, and also co-signed a loan for $6 million. Federal prosecutors said Banks has repaid the $7.5 million in restitution he was ordered by the trial judge to make.