Charles Banks, who's alleged to have mishandled more than $20 million of investments by former San Antonio Spurs forward Tim Duncan, will reportedly be indicted on two counts of wire fraud Friday.
Adrian Wojnarowski of The Vertical reported Duncan filed a lawsuit against Banks, who's expected in court Friday for the unsealing of the wire fraud indictment, last year stating he misled him while serving as an adviser to the recently retired basketball player.
Duncan told Scott Soshnick of Bloomberg in June 2015 he lost over $20 million as part of failed investments. He alleged Banks suggested those deals to him without identifying a potential conflict of interest since the adviser was also involved in the opportunities.
"Luckily I had a long career and made good money," Duncan said. "This is a big chunk, but it's not going to change my life in any way. It's not going to make any decisions for me."
"I originally filed my lawsuits against Charles Banks to stop him from doing to others what he had done to me and my family," Duncan said, per Wojnarowski. "The U.S. Dept. of Justice has ju ...
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Article written by Tim Daniels
Tim Duncan’s Former Financial Adviser Indicted on Federal Wire Fraud Charges
September 9th, 2016 by Tim Daniels Leave a reply »
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