SAN ANTONIO - A former financial adviser for retired San Antonio Spurs star Tim Duncan pleaded guilty Monday in a multimillion-dollar federal wire fraud case.
Charles A. Banks IV admitted in open court that he got Duncan to guarantee a $6 million loan for sports entertainment company Gameday Entertainment in June 2013, convincing the NBA star that the company was doing well even though it was failing.
Banks' guilty plea didn't constitute a plea agreement in the case. He still has multiple federal charges pending against him.
He is scheduled to be sentenced in late June and faces up to 20 years in prison.
Banks' attorney declined to comment outside federal court following the hearing, but did say he was confident the government would drop the remaining charges.
Duncan, who played played 19 seasons with the Spurs and led them to five NBA championships, released the following statement:
"Mr. Banks is now a confessed felon. I will continue to cooperate with the U.S. Attorneys' Office and Mr. Banks' probation officer, at their request. I greatly appreciate the work of the Department of Justice and others who have seen the wrongs committed and helped me take action in the hope that others will never have to go through this. While I have much I would like to say about this whole matter, I am following the request of my counsel and withholding comment until the June sentencing date."
Banks pleads guilty to single county of wire fraud. Both sides still dispute how many millions of dollars were involved — Dillon Collier (@dilloncollier) April 3, 2017
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