SEC bars adviser to Tim Duncan and obtains judgment

The Securities and Exchange Commission has barred Charles A. Banks IV from the securities industry and obtained a judgment against the former Atlanta-based investment adviser to retired basketball star Tim Duncan. According to the SEC's complaint, Mr. Banks fraudulently induced Mr. Duncan to invest $7.5 million in a sports team apparel and merchandise company based on a series of misrepresentations about the investment. He also allegedly misappropriated funds from his client. In April, Mr. Banks pleaded guilty to wire fraud in a case based on the conduct alleged in the SEC's complaint, and in June was sentenced to 48 months in prison and ordered to pay $7.5 million in restitution. In its judgment, the SEC also barred Mr. Banks from serving as an officer and director of a public company and ordered him to pay disgorgement, pre-judgment interest and a penalty, with the amounts to be determined a later date.