The Banks brothers are now enmeshed in a sprawling federal probe that has touched several high-ranking members of Mayor Eric Adams' administrationAhead of the 2022 school year, the education technology company 21stCentEd was seeking to expand its presence in New York City's public schools. So they turned to a man, Terence Banks, whose new consulting firm promised to connect clients with top government stakeholders.
Federal investigators are also scrutinizing whether Terence Banks’ consulting firm, the Pearl Alliance, broke the law by leveraging his family connections to help private companies secure city contracts, according to a person familiar with the matter. The person spoke to The Associated Press on condition of anonymity because they were not authorized to disclose information about the investigations.
Timothy Sini, an attorney for Terence Banks, did not respond to specific questions about the consulting firm. But he wrote in an email, “We have been assured by the Government that Mr. Banks is not a target of this investigation.” Neither the Department of Education nor the Conflicts of Interest Board would say whether a waiver was requested.
The spokesperson could not say how the meeting with the school’s chancellor came about or whether Terence Banks attended. He added that Terence Banks had provided “no value" to the company and that his contract was terminated last December. In total, the Pearl Alliance listed nine clients with millions of dollars in city contracts, including a software business, a grocery delivery start-up, and a company that specializes in concrete. At least seven of the companies have past or current contracts with the city.
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