A Texas federal judge sentenced Charles Banks, the one-time owner of Screaming Eagle, to four years in prison on Wednesday and ordered him to repay retired NBA star Tim Duncan millions of dollars.
U.S. District Judge Fred Biery also ordered Banks, 49, of Atlanta, to serve three years of supervised release once his prison term was finished. The teary-eyed Banks was ordered to report to authorities on or after August 28 to begin his sentence.
A financial adviser, Banks deceived Duncan into investing millions in sportswear company Gameday Entertainment. He was initially indicted on four counts of fraud last year in federal court in San Antonio, Texas. However, he pleaded guilty to a reduced charge of one count of wire fraud on April 3.