SAN ANTONIO - A former financial adviser to retired spurs star Tim Duncan plead guilty to defrauding him of millions on Monday.
Appearing before United Stated District Judge Fred Biery Monday morning, the 49-year-old investment counselor pleaded guilty to two counts of wire fraud.
The U.S. Attorney’s Office said by pleading guilty, Banks admittedly manipulated Duncan into guaranteeing Gameday’s $6 million debt by misrepresenting the true nature of the transaction.
Banks remains on bond pending sentencing scheduled for 9 a.m. on June 27. He faces up to 20 years in Federal prison, a fine of up to $250,000 and restitution to Duncan.
Duncan previously sued Banks over what Duncan said were more than $25 million in failed investments.
The Spurs star retired last year after winning five NBA Championships in 19 years with the Spurs.
Duncan released the following statement following the ruling:
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.Thank you.