Back in 2015, Tim Duncan sued a financial advisor of his for $20 million. Duncan said in the suit that Charles Banks had invested the money into companies where Banks had a major financial stake without disclosing that connection. The financial issue came to light during an audit of Duncan’s finances tied to his divorce.
Now Banks is about to be indicted in a Texas court, reports Adrian Wojnarowski of The Vertical at Yahoo Sports.
A federal grand jury in Texas is returning a two-count indictment for wire fraud against Charles Banks, a financial adviser who has been alleged to have mishandled over $20 million in investments of his ex-client, retired San Antonio Spurs All-Star Tim Duncan, sources with direct knowledge told The Vertical.
The indictment is expected to be unsealed in a San Antonio court Friday, where Banks is expected to be present for a hearing, sources told The Vertical.
Banks also reportedly had ties to Kevin Garnett.
This incident has not damaged Duncan’s lifestyle, he made more than $240 million in salary alone during his career.