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Tim Duncan's financial adviser was a shady character.
Charles Banks was alleged to have mishandled more than $20 million in investments of Duncan's and after being indicted last week, he has now turned himself in.
Tim Duncan's former financial adviser has turned himself in, according to @gmaninfedland. Duncan claims he had $25M stolen from him.
— Darren Rovell (@darrenrovell) September 9, 2016
The Vertical's Adrian Wojnarowski was the first to report the story.
“I originally filed my lawsuits against Charles Banks to stop him from doing to others what he had done to me and my family,” Duncan said in a release through his attorneys. “The U.S. Department of Justice has just taken a big step in exposing and stopping his illegal activities. I thank the U.S. Attorney’s office and the FBI for working tirelessly to bring Banks to justice.”
Banks reportedly steered Duncan toward a number of investments in which he had a conflict of interest.
Ultimately, part of Duncan's initiative to take action against Banks was the ensure that this doesn't happen to anyone else.
“We are gratified that the United States Attorney and the FBI discovered Banks’ criminal conduct on the Gameday issue and concluded that Banks, beyond a reasonable doubt, unlawfully extracted money to fund his lavish lifestyle at the expense of Tim Duncan and his family. We thank them for working to discover and expose Banks’ misconduct,” Duncan’s attorneys, Tullos Wells and Michael Bernard, said in a statement.
