(WineSpectator) - Wine executive Charles Banks was sentenced to four years in federal prison yesterday for defrauding retired NBA star Tim Duncan of millions of dollars. U.S. District Judge Fred Biery also ordered Banks, a financial adviser and the founder of Terroir Life, which owns or manages nearly a dozen wineries in California, New Zealand and South Africa, to pay Duncan $7.5 million in restitution and serve three years of supervised release after he finishes his prison time.

In a statement before the judge handed down the sentence, Banks apologized to his family and told his former client, “Tim, I'm sorry.” Banks pleaded guilty to one charge of wire fraud in April.

The case stems from allegations made by former NBA star Tim Duncan, a longtime Banks client, who says he was duped out of millions of dollars in various investments Banks made on his behalf. In a “statement of facts” filed March 31, lawyers for Banks admitted that he misrepresented the terms of an agreement Duncan signed related to investments in a sports-merchandising company called Gameday. “Charles Banks acted with a knowing intent to deceive Tim Duncan,” read the document.

In a hearing before sentencing yesterday, Duncan said Banks could have settled this without lawyers. “I just wanted you to own up, pay up and we'd move on,” said Duncan. “You wouldn't, so now we're here with this in front of a judge.” In a statement filed with the court, Duncan stated, “[Banks] earned my trust as my financial adviser and friend.”