Charles Banks, the financial adviser accused of mishandling $25 million of Tim Duncan’s money, has been indicted for two counts of wire fraud by a Texas grand jury, according to a report Friday morning by Adrian Wojnarowski of The Vertical. According to the report, the indictment is scheduled to be unsealed Friday at a hearing at which Banks will be present:
— Joshua Fechter (@JFreports) September 9, 2016
The indictment follows a lawsuit that Duncan filed back in 2015 in which he accused Banks of directing him toward multiple investments that the latter had financial interest in himself. According to Duncan, he was directed to invest in hotels, wineries and beauty products without knowing that those investments represented a conflict of interest for Banks.
Further, Duncan accused Banks of using his signature to increase his investment in Comerica Bank from $6 million to $13.5 million without his knowledge or consent. The former Spurs star, who retired from the NBA at the conclusion of the 2015-16 season, made nearly $240 million during his NBA career. The $25 million that Duncan alleges Banks mishandled, then, represents a non-trivial amount even by his standards.
Banks also reportedly has ties to Minnesota Timberwolves veteran power forward Kevin Garnett.
During his 19-year NBA career with the San Antonio Spurs, Duncan won five NBA titles and was a 15-time All-Star and 15-time All-Defensive team selection. He retired seventh in career rebounds and sixth in career blocks. His career was defined by remarkable consistency and his understated demeanor both on and off the court. He will be a Hall of Fame inductee when he becomes eligible for induction.