The man who defrauded Tim Duncan will pay for his dishonest crime.
Charles Augustus Banks IV, the former financial advisor of the Spurs legend, was sentenced to four years in prison and ordered to pay $7.5 million in restitution to Duncan during a Wednesday court hearing in San Antonio, the Associated Press reported.
Banks, a 49-year-old Atlanta native, pleaded guilty to one count of wire fraud in April after admitting he manipulated Duncan into paying a $6 million loan to be used as a business investment.
Duncan gave a powerful statement while appearing in court, via MySanAntonio:
“My biggest fear is that you will give him a sentence that will allow him to go out into the world and tell everyone, as he has continued to do since his guilty plea, that he did not do anything wrong and he proves by having very little to no jail time. I respectfully ask you, do not do that. I promise you, that if he has any excuse to get back into this line of business, he will be out hustling and doing the same to others.
“I see lots of kids who come into professional sports and end up losing most of the money they earn to someone like Banks.
“Judge Biery, you may not understand how difficult it is for me to be in the public light in this horrible way— as the poster child for a dumb athlete whose financial adviser took his money.”
Banks is expected to report to federal prison in late August.