Tim Duncan gets $7.5 million from ex-financial adviser in fraud settlement
SAN ANTONIO — Retired San Antonio Spurs star Tim Duncan has agreed to accept $7.5 million to settle his lawsuits against a former financial adviser he accused of bilking him out of more than $20 million.
The San Antonio Express-News reported the money is to come from restitution a judge ordered Charles Banks IV of Atlanta to make as part of his sentence in a criminal fraud case. Banks is appealing the 4-year federal prison sentence assessed him last June for defrauding Duncan.
Banks had pleaded guilty last April to a wire fraud count.
Investigators say Banks manipulated Duncan into guaranteeing payment of a $6 million debt related to a merchandising business. Prosecutors say Banks failed to disclose commissions and loans he received in the deal.