Wine Tycoon Gets Four Years for Fraud

Wine Tycoon Gets Four Years for Fraud

Wine Tycoon Gets Four Years for Fraud

California-based winery investor Charles Banks was sentenced today to four years in federal prison after pleading guilty in April to defrauding basketball star Tim Duncan.

 It will be an odd summer for the 49-year-old Banks, who will remain free on $1 million bond until he reports to federal authorities on August 28 to begin his prison term. There is no parole in the federal prison system, so if Banks gets the maximum amount of credit for being a model prisoner, he will still have to stay behind bars until April of 2021. He was also ordered to pay $7.5 million in restitution to Duncan and to serve three years of supervised release after his prison term, which could prevent him from traveling even outside his home county without permission.

Banks, who has been an owner or part-owner of Screaming Eagle, MulderboschMayacamas and Qupé, may consider himself fortunate. The sentencing hearing was in front of a particularly tough audience: in San Antonio, Texas, where Duncan spent his entire 19-year NBA career, with Duncan’s former coach Gregg Popovich and several of Duncan’s former teammates in the gallery. Banks faced up to 20 years in prison.

(Source: https://www.wine-searcher.com/m/2017/06/wine-tycoon-imprisoned-for-fraud)