Spurs forward Tim Duncan says he lost $25 million to ex-financial adviser
Earlier this year, Duncan sued Charles Banks, his former financial adviser, seeking more than $1 million in damages after Duncan says that Banks took Duncan's $7.5 million investment in his company, Gameday Entertainment LLC, and used it for his personal benefit.
Duncan claimed in the lawsuit, filed in January, that his signature was forged numerous times and was not aware of any impropriety until he prepared documents pertaining to his divorce last year.
Banks, who met Duncan sometime during his rookie campaign in 1997-98 season, also “encouraged, promoted, hustled and advised Duncan to invest in several wineries and investment funds that he controls," the lawsuit states.
“Luckily I had a long career and made good money,” Duncan said to Bloomberg. “This is a big chunk, but it's not going to change my life in any way. It's not going to make any decisions for me.”
Banks’ attorney says that Duncan’s claims “lack foundation” and that his investments as a whole have performed well.
Duncan is a 15-time All-Star and two-time NBA MVP who has made more than $220 million in his career. He made $10 million last season and will be an unrestricted free agent next month.
Duncan, 39, has not said if he will return next season, but did say that as far as financial advice is concerned, he won’t “go out and preach to people” about potential pitfalls when dealing with investors.
"The bottom line is this: You can’t be angry at yourself. I keep going back to this word, but I trusted someone,” Duncan said. “I was wrong about it. I got screwed over for it. I’m not mad at myself for that. That’s a lesson learned. I’ll never put myself in that situation again.”
- Scooby Axson