Spurs' Tim Duncan sues financial advisor for more than $1 million
San Antonio Spurs forward Tim Duncan has filed a lawsuit against his longtime financial advisor, seeking more than $1 million in damages, KENS-5 in San Antonio reports.
In the lawsuit, Duncan alleges that Charles Banks misused Duncan's $7.5 million investment in his company, Gameday Entertainment LLC. Duncan met Banks as a rookie in 1998 and claims Banks used his money for his personal benefit.
According to the lawsuit, Duncan was unaware of Banks' actions until he was preparing financial documents during his divorce last year.
"Using his position, Banks instructed Gameday to withhold 20 percent of the amounts due Duncan under the Gameday Note as Banks' 'fee,'" the lawsuit states. "However, Banks did not, and does not, have any written authorization from Duncan allowing such withholding."
The lawsuit says Duncan unknowingly invested in, among other things, wineries and investment funds controlled by Banks. It also claims Duncan's signature was forged on multiple occasions.
"Banks also encouraged, promoted, hustled and advised Duncan to invest in several wineries and investment funds that he controls," the lawsuit states. "Banks has used these wineries and funds to secure substantial income for himself, but they have yet to return much, if anything, to Duncan. Needless to say, Duncan would not have invested his family's financial future in these wineries and funds if Banks had advised him that they would be operated for Banks' benefit and to the detriment of Duncan and the other investors."
Banks has not responded to the court documents, which were filed on Thursday.
Duncan, who was named to his 15th All-Star Game on Thursday, has earned more than $200 million in salary during his 18-year NBA career, according to Basketball Reference.
- Paul Palladino
