Ex-Screaming Eagle owner and winery investor Charles Banks has been sentenced to four years in federal prison for wire fraud.
Charles Banks sentenced to four years
Banks was indicted after advising retired NBA star Tim Duncan, a long term financial client, to invest $13million in Gameday Entertainment, a sport merchandise company partially owned by Banks.
Duncan received no return on his investment.
Banks must also pay $7.5 million in restitution to Duncan.
The scam was discovered when going through finances for Duncan’s, an ex-San Antonio Spurs player, divorce settlement.
‘He earned my trust as my financial adviser and friend, so I felt comfortable moving forward without replacing the checks and balances as he moved on to running his own thing,’ Duncan said in a statement, reported San-Antonio Express News.
‘Unfortunately, I was wrong about that decision.’
In his own statement, Banks said to Duncan ‘Tim, I’m sorry.’
Banks bought Screaming Eagle winery in Napa in 2006, then left in 2009 and set up Terroir Capital, which owns wineries included Qupé in Santa Maria in California, Trinity Hill in New Zealand and Fable Mountain Vineyards in South Africa.
Terroir Capital are not involved with the case with Duncan.
Banks ‘stepped back’ as CEO of Terroir Captial after entering his plea, and chief operating officer Kevin McGee took over.
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