Terrence Banks, a consultant and former MTA employee who is the target of a federal investigation into several senior Adams administration officials, took down his company's website after federal agents searched his home last week, just days after he had bragged about his political connections, The Washington Post learned.
Banks, the brother of Deputy Mayor for Public Safety Phil Banks and Superintendent of Public Instruction David Banks, who were also targeted by the federal government, had been bragging about his influence in the Adams administration until the federal government visited his home, political sources told The Post.
But within days, Banks took down the website for his company, Pearl Alliance, which described itself as a “values-driven government and community relations firm” but gave little explanation for what it actually did.
By Sunday, the website was gone, leaving a domain listing in its place.
Pearl's LinkedIn profile, which listed Banks as Pearl's founder and CEO, has also been removed, and search links lead to a blank page.
Banks has not been charged with a crime, but federal agents wielded search warrants and combed through Banks and his siblings this week, later seizing their electronic devices.
Law enforcement sources said authorities searched Banks' residence more thoroughly than those of the other suspects and also served subpoenas on his cell phone.
The investigation is being led by prosecutors in the Southern District of New York, who are also investigating aides to Mayor Adams in a separate investigation into his 2021 campaign finances that began last year, according to sources.
According to Banks' personal LinkedIn page, he worked for the Metropolitan Transportation Authority for 25 years.
According to the page, he is a longtime board member of Queens Community Board 13 and a member of One Hundred Black Men, an organization of black business owners, politicians and community leaders.
He added that he is also chairman of the Conference of Minority Transportation Officials.
The activity is consistent with the public perception that Banks has been trying for years to make political inroads shortly before retiring. Sources say Banks celebrated her retirement in March 2023 with a lavish party at West 25th Street, the former location of Jay-Z's 40/40 club.
The party was sponsored by Pearl Alliance and included hors d'oeuvres, a cash bar, a two-drink minimum and bottle service.
“They're selling access,” one veteran lobbyist said of Banks' alleged tactics. “That's the problem that legitimate people in this industry face.”
Banks is not a registered lobbyist but has been seen entering and leaving Police Commissioner Edward Cavan's office on multiple occasions, the people said.
Mr Cabán's home was also searched as part of the federal investigation, but the purpose of his meeting with Ms Banks remains unclear.
But several clients he said he represented had dealings with city agencies, including the New York Police Department.
One of them, SaferWatch, which develops an app that allows anyone to make text, video or audio reports to police, received about $67,000 from the NYPD last year for a variety of technology assistance and school safety activities, according to online city records.
Other clients, including IT support company Derive Technologies, IT services provider SVAM International and grocery store delivery app Mercato, also had contracts worth millions of dollars with the city, online records show.
