Tim Duncan files $1 million lawsuit against financial advisor
One of the challenges for professional athletes — no matter how educated and regardless of sport — is there are people looking to prey on them financially.
Even Tim Duncan. At least from his perspective. Duncan filed a $1 million lawsuit against a former financial advisor on Friday, reports the Associated Press.
Spurs star Tim Duncan has filed a lawsuit contending that a series of investments enriched his financial adviser but were losing propositions for the NBA star, including $7.5 million in an entertainment company run by the adviser.
The lawsuit, filed Thursday in San Antonio, seeks more than $1 million in damages against Charles Banks of Atlanta. It claims Banks secretly withheld 20 percent of the return on Duncan’s loan to Gameday Entertainment, for which Banks serves as chairman.
The lawsuit also alleges Banks forged Duncan’s signatures on documents.
The AP tried to reach Banks for comment but could not.
Duncan is no dummy, he discovered the discrepancy while making other financial filings, according to the report.
Whatever the reality of this case, it is just another cautionary tale — pro athletes need to have checks and balances. They can’t trust anyone, even family, completely.
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Posted: Sat Jan 31, 2015 5:41 pm Post subject:
One million? Seems more like a punishment lawsuit that an attempt to recover money. _________________ Damian Lillard shatters Dwight Coward's championship dreams:
Tim Duncan says he lost more than $20 million, allegedly stolen by financial advisor
Back in January, we told you Tim Duncan was suing a former financial advisor over some dealings that cost Duncan money.
Now we find out how much — more than $20 million, Duncan told Bloomberg News (hat tip Eye on Basketball).
Ouch. Bloomberg asked if that was going to impact Duncan’s decision to return to the NBA next season, something not yet officially decided or announced. He’s fortunate enough to be able to laugh that idea off.
“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.”
Good for Duncan that dropping more than $20 million isn’t going to change his lifestyle, because he was smart with the rest of his money. The financial issue came to light during an auditing of Duncan’s financials as part of his recent divorce and allegedly took place over an eight-year span starting in 2005.
The advisor, Charles Banks, has denied the claims in the lawsuit, saying this is just Duncan trying to use the suit as leverage to get out of some investments. Ultimately a judge will get to decide the case.
That still leaves the question: Is Duncan coming back? Duncan, of course, isn’t talking about it, but the buzz around the league is that the Spurs expect him back for one more year. There are rumors that he started his workout training again — you wouldn’t do that in June just to get your body ready for swimsuit season, it would be about coming back. But with Duncan, until it is official, we will wait (he would make the announcement before July 1 so if he retires the Spurs could use his cap space to chase free agents).
Tim Duncan files another lawsuit against ex-financial adviser
SAN ANTONIO (AP) — Spurs star Tim Duncan has filed another lawsuit against a former financial adviser he contends has cost him millions of dollars in lost investments.
The lawsuit filed last week claims Charles Banks of Atlanta urged Duncan to invest $1.1 million in a cosmetics company that Banks said was profitable when it was actually about to become bankrupt.
The San Antonio Express-News reports Duncan wants his investment returned to him and is pursuing punitive damages against Banks.
Banks previously has denied the allegations.
The NBA star filed an initial lawsuit in January that contends a series of investments enriched Banks but ultimately caused Duncan more than $25 million.
Duncan has said the losses came to light during a review of finances as part of his earlier divorce.
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