Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SAN ANTONIO (AP) — Court documents indicate a former financial adviser to retired Spurs star Tim Duncan plans to plead guilty in a multimillion-dollar fraud case.
In paperwork filed Friday, lawyers for 49-year-old Charles Banks of Atlanta say he plans to admit that he misled Duncan — identified in court documents as "T.D." — to get his signatures on about $6 million in loans related to a merchandising business.
Banks was indicted last year on two counts of wire fraud, with each count carrying a possible 20-year prison sentence.
He is scheduled to appear Monday in federal court in San Antonio.
Duncan retired last year after winning five NBA championships in 19 years with the Spurs. He previously sued Banks over what he alleged were more than $25 million in failed investments.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
