A former financial adviser to Tim Duncan was charged Friday with two counts of wire fraud related to allegations that he mishandled over $20 million of the NBA legend’s money.
Charles Banks, who had been under investigation by the FBI for over a year, was indicted by a federal grand jury Wednesday and surrendered to U.S. marshalls in San Antonio on Friday, according to the San Antonio Express News.
Duncan sued Banks in 2015, claiming the adviser put him into several investments in hotels, wineries and beauty products without disclosing his personal financial interest in the companies.
Duncan also alleges that Banks used his signature without his knowledge to obtain more favorable loans.
MORE: Classic photos of Tim Duncan
“Tim is very grateful for the work of the FBI and … the U.S. Attorney’s Office,” said Michael Bernard, Duncan’s attorney. “He certainly feels vindicated in his claims against Mr. Banks. When the suit was filed, Tim said he was doing it because he wanted to make sure this didn’t happen to anybody else.”