San Antonio Spurs superstar forward Tim Duncan alleges that a dishonest financial adviser led to him blowing over $20 million, and the big fella filed a lawsuit back in January.
Duncan, 39, says the money will not be a determining factor on whether or not he’ll return to the Spurs next season.
Duncan met with the financial adviser during his rookie season in 1998, and was persuaded to invest in hotels, beauty products, sports merchandising and wineries that the adviser owned or in which he had a financial stake according to the lawsuit.
Per Bloomberg:
“Luckily I had a long career and made good money,” the 39-year-old Duncan, who has been paid about $220 million over his career, including about $10 million this past season, said in a telephone interview. “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.”
In January, Duncan sued his former financial adviser, Charles Banks, accusing him of pushing him into investments despite conflicts of interest that ultimately caused substantial loss. Banks hid his own interest in investment opportunities recommended to the 15-time All-Star, according to the complaint. […] The losses from 2005-2013 were discovered during a review of Duncan’s finances as part of his divorce, the player said.
“I trusted someone to do a job that I hired them to do and they misused my trust and went astray and started using my money,” Duncan said in the phone interview, noting that he’s speaking out to dispel Banks’s assertions that the losses stemmed from a misunderstanding or that he was impatient and wanted out of certain investments. “I want people to understand that the statements he made are absolutely incorrect, that he’s just trying to make himself look good and save his own image when there’s nothing there to save.”
