NYC Mayor Adams' Top Ally and Brother Under Federal Investigation, Have Expensive Tastes and Frequent Swanky NYC Clubs: Sources

Mayor Adams' Allies Under Scrutiny: Expensive Tastes and Federal Investigation

Brothers Phil and Terence Banks, both close allies of Mayor Eric Adams and targets of a federal investigation, are known for their penchant for luxury. Phil, the city's Deputy Mayor for Public Safety, frequents Casa Cipriani, a posh members-only club with hefty dues and initiation fees. He also enjoys Club Macanudo, an upscale cigar club.

Phil Banks, a retired cop, receives a hefty NYPD pension in addition to his city salary. Sources describe him as having expensive taste, but not wanting to pay for it. This isn't his first brush with scrutiny: he was previously investigated for his close relationship with a City Hall fundraiser convicted of corruption.

Terence Banks, a retired MTA employee, also enjoys a lavish lifestyle and has started a consulting firm, The Pearl Alliance, after his retirement. His clients have millions of dollars' worth of contracts with the city. After the federal raids, Terence removed his business website.

The federal investigation, which has also targeted Schools Chancellor David Banks, another Adams appointee, has raised concerns about possible corruption and influence peddling. Investigators are looking into whether Phil Banks helped steer city contracts to his brother's clients.

While no accusations have been made, the investigation shines a light on the opulent lifestyles of these key figures in the Adams administration.

A Pattern of Luxury and Scrutiny

Phil Banks' career in the NYPD was once considered a success story, but his involvement in a previous corruption probe ended with his resignation. Investigators found questionable deposits in his bank accounts, suggesting money laundering.

Timothy Pearson, another Adams aide and retired NYPD inspector, also receives a significant pension on top of his city salary.

Phil Banks has a substantial investment portfolio, including Tesla, Apple, McDonald's, and cryptocurrency. He owns multiple rental properties in NYC and has a weekend home in Florida.

The Investigation Continues

The Banks brothers have long been close friends with Mayor Adams, who was mentored by their father. Terence reportedly raised significant funds for Adams' 2021 mayoral campaign.

The federal investigation is ongoing, and its ultimate scope and focus remain unclear. The Banks brothers and Pearson have not commented on the allegations.