Federal prosecutors said Charles Banks, 49, of Atlanta pleaded guilty Monday in San Antonio to one count of wire fraud.
Investigators say Banks manipulated Duncan -- identified in court documents as “T.D.” -- into guaranteeing payment of a $6 million debt related to a merchandising business. Prosecutors say Banks failed to disclose commissions and loans he received in the deal.
Banks remains free on bond pending sentencing. He could be ordered to make restitution to Duncan, who retired last year after five NBA championships with the Spurs.
Duncan said he lost more than $20 million because of Banks’ dishonesty and failed investments. , alleging that Banks falsified documents in his name. , Banks was indicted on two counts of wire fraud and quickly released after posting a $500,000 bond.