Tim Duncan's Former Financial Adviser Pleads Guilty to Fraud Charge

Rob Goldberg@TheRobGoldbergFeatured ColumnistApril 4, 2017

San Antonio Spurs legend Tim Duncan speaks to fans during his jersey retirement ceremony Sunday, Dec. 18, 2016, in San Antonio. (AP Photo/Darren Abate)
Darren Abate/Associated Press

Tim Duncan's former financial adviser Charles Banks pleaded guilty to wire fraud and could be sentenced to up to 20 years in prison, according to the Associated Press (via ESPN).

The 49-year-old was charged with manipulating Duncan into paying a $6 million debt.

While Banks could be forced to repay Duncan for the illegal practices, this is only a fraction of what the former NBA star believes he is owed.

He sued the financial adviser in 2015 for over $20 million for encouraging him to buy into investments that represented a conflict of interest and eventually failed, perΒ Scott SoshnickΒ of Bloomberg.

"Luckily I had a long career and made good money," Duncan said at the time. "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."

The two-time MVP and five-time NBA champion retired last season after 19 years in the league.


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