Tim Duncan's former financial adviser facing fraud charges

SAN ANTONIO -- A former financial adviser for retired Spurs star Tim Duncan is facing fraud charges over millions of dollars in lost investments.

Charles Banks of Atlanta was arrested Friday in San Antonio on two counts of wire fraud. Banks appeared in federal court and was freed on bond.

An indictment returned Thursday says Banks committed fraud while with Gameday Entertainment.

The indictment says Banks encouraged the victim, identified in documents as "T.D.," to loan or invest millions of dollars with him since 2012. Prosecutors say Banks misrepresented the transactions.

Duncan filed a lawsuit in January 2015 contending that a series of investments from 2005 to 2013 enriched Banks but were losing propositions for the two-time NBA MVP. Duncan alleged that he lost more than $25 million.

"I originally filed my lawsuits against Charles Banks to stop him from doing to others what he had done to me and my family," Duncan said in a statement. "The U.S. Department of Justice has just taken a big step in exposing and stopping his illegal activities. I thank the U.S. Attorney's office and the FBI for working tirelessly to bring Banks to justice."

Banks faces a maximum penalty of 20 years in prison for each count.

The Associated Press contributed to this report.