SAN ANTONIO – Tim Duncan’s ex-financial adviser, Charles Banks IV, was sentenced to four years in federal prison Wednesday in a multimillion-dollar federal wire fraud case.
Banks, Duncan’s longtime financial adviser, faced up to 20 years in prison.
He was also ordered to pay $7.5 million in restitution to Duncan and be placed on supervised release for three years after completing his prison term.
Banks, 49, was ordered by federal judge Fred Biery to report to federal authorities as early as Aug. 28 to begin serving his sentence.
The defendant pleaded guilty in April when he admitted in court that he got the former San Antonio Spurs superstar to guarantee a $6 million loan for sports entertainment company Gameday Entertainment in June 2013, even though the company was failing.
Banks apologized to Duncan in court Wednesday for lying to him. Duncan told the media outside the courtroom that he thought the sentencing was fair.
Duncan's current financial adviser testified Tuesday that Duncan gave Banks access to $24.1 million and only received around $7 million in return.
The adviser also testified that the extent of Banks' financial improprieties were discovered during Duncan's divorce trial.
The defense had argued that Duncan did not lose any money in the investment because he got payments at an annual percentage for two years.
Duncan prepared a statement that was read Tuesday by his attorney inside the courtroom.
The statement alluded to Duncan playing 19 years in the NBA and sacrificing his body to secure a future for his family only to feel embarrassed that someone took his money.
The statement added Duncan hated the thought of Banks doing the same thing to someone in the future.
The hearing also involved another former NBA superstar, Kevin Garnett, who has been in court along with Duncan.
Garnett was an investor in Gameday Entertainment and also involved in Duncan's $6 million loan.
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