Charles Banks Indicted for Wire Fraud

http://nba.nbcsports.com/2016/09/09/report-financial-advisor-tim-duncan-sued-to-be-indicted-in-texas/

A federal grand jury in Texas is returning a two-count indictment for wire fraud against Charles Banks, a financial adviser who has been alleged to have mishandled over $20 million in investments of his ex-client, retired San Antonio Spurs All-Star Tim Duncan, sources with direct knowledge told The Vertical.

The indictment is expected to be unsealed in a San Antonio court Friday, where Banks is expected to be present for a hearing, sources told The Vertical.

Wine talk?

http://www.forbes.com/sites/richardnalley/2016/01/15/charles-banks-interview-terroir-capital-screaming-eagle/#5481e1206a05

http://vinepair.com/wine-blog/charles-banks-wine-vc-profile/

Hope this doesn’t mess up anything for Pax at Wind Gap.

Banks is former co-owner of Screaming Eagle and now a partner in Terroir Capital, which owns wineries in New Zealand, South Africa and CA, including Mayacamas. Not sure if this indictment or any subsequent conviction will have any effect on the wine holdings …

Does not sound good.

http://www.drvino.com/2016/09/09/charles-banks-wineries-indicted-fraud/

Adam Lee

It sounds like a garden variety case of a wealth adviser looting his client accounts, in this case maybe with the addition of a captive asset manager he controlled.

Not suprising

Those reviews of old Mayacamas in Vinous? Wasn’t he an investor in one or the other or both?

Yes. Still is.

Not sure if Banks invested in Vinous but I’m pretty sure he and his wife solely own Mayacamas.

I’m not the least bit surprised. Mr. Banks always struck me as a fraud lawsuit waiting to happen.

I feel sorry for Tim Duncan, who is one the classiest and least affected athlete superstars of all time. He and Banks seem like polar opposites and a strange match.

This is not true.

Charles and his wife Ali are in partnership with Jay Schottenstein and Jay’s son Joey in Mayacamas. It is a separate partnership from Terroir Capital.

Charles Banks, Terroir Capital (and any other vehicle or partnership he may be a partner in) are not, and have never been, an investor in Vinous.

Thanks Antonio.

I have no information about the veracity of the allegations (or lack thereof), but I’ve met Mr. Banks a few times. He was knowledgeable, charming, and generous. I hope they can find a resolution that is acceptable to everyone.

Bruce

Stealin’ from The Big Fundamental is just so wrong.

+1.

Here’s the (I believe separate) SEC Civil fling. It has details of the case. I am not familiar with how this works so maybe those that are more knowledgeable in such things can read it and provide us with their insight: http://media.ksat.com/document_dev/2016/09/09/SEC%20complaint%20-%209-9-16_1473463390520_7960769_ver1.0.pdf

Adam Lee