Tim Duncan files $1 million lawsuit against financial advisor
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Runway8
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PostPosted: Wed Nov 11, 2015 2:11 am    Post subject:

Wouldn't it be funny if it's the same advisor who told him to take a hometown discount? Duncan doesn't know it, but the money he's looking for is the money he left on the table for Buford and the Spurs. He just doesn't remember the details cause he was groggy that night.

Meanwhile Buford and Pop thought they made a fair deal and that everyone was on the same page, but they're nervous now because Duncan keeps pacing around talking about missing money.

A good writer can do a nice satirical piece on Ducan's missing money and his hometown discounts. LOL!
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PostPosted: Sat Nov 21, 2015 12:51 pm    Post subject:

Duncan should have kept a much, closer eye on how his money was being spent/invested. Regular reports, at least annually. Can't be too nice or trusting.

That said, it's fairly easy to produce phony reports and cook the books.
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LakerLanny
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PostPosted: Sat Nov 21, 2015 7:56 pm    Post subject:

Brutal, all he had to do was buy an annuity or two along the way and it is out of his financial advisors hands and guaranteed.
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PostPosted: Fri Sep 09, 2016 6:37 pm    Post subject:

http://nba.nbcsports.com/2016/09/09/report-financial-advisor-tim-duncan-sued-to-be-indicted-in-texas/

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Report: Former financial advisor to Tim Duncan sued to be indicted in Texas

Back in 2015, Tim Duncan sued a financial advisor of his for $20 million. Duncan said in the suit that Charles Banks had invested the money into companies where Banks had a major financial stake without disclosing that connection. The financial issue came to light during an audit of Duncan’s finances tied to his divorce.

Now Banks is about to be indicted in a Texas court, reports Adrian Wojnarowski of The Vertical at Yahoo Sports.


“A federal grand jury in Texas is returning a two-count indictment for wire fraud against Charles Banks, a financial adviser who has been alleged to have mishandled over $20 million in investments of his ex-client, retired San Antonio Spurs All-Star Tim Duncan, sources with direct knowledge told The Vertical.

The indictment is expected to be unsealed in a San Antonio court Friday, where Banks is expected to be present for a hearing, sources told The Vertical.”

Banks also reportedly had ties to Kevin Garnett.

This incident has not damaged Duncan’s lifestyle, he made more than $240 million in salary alone during his career.
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PostPosted: Fri Sep 09, 2016 10:15 pm    Post subject:

He should write a letter on The Player's Tribune telling his younger self not to fall for that 'home town discount'.
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PostPosted: Mon Apr 03, 2017 3:44 pm    Post subject:

http://nba.nbcsports.com/2017/04/03/ex-financial-adviser-guilty-of-defrauding-tim-duncan/

Quote:
Ex-financial adviser guilty of defrauding Tim Duncan

SAN ANTONIO (AP) — An ex-financial adviser to retired San Antonio Spurs star Tim Duncan has pleaded guilty in a multimillion-dollar fraud case and faces up to 20 years in prison.

Federal prosecutors say 49-year-old Charles Banks of Atlanta pleaded guilty Monday in San Antonio to one count of wire fraud.

Investigators say Banks manipulated Duncan – identified in court documents as “T.D.” -into guaranteeing payment of a $6 million debt related to a merchandising business. Prosecutors say Banks failed to disclose commissions and loans he received in the deal.

Duncan previously sued Banks over what he alleged were more than $25 million in failed investments.

Banks remains free on bond pending sentencing. He could be ordered to make restitution to Duncan, who retired last year after five NBA championships with the Spurs.
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LakerLanny
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PostPosted: Mon Apr 03, 2017 4:36 pm    Post subject:

jonnybravo wrote:
doughboy90650 wrote:
If you're a college star, your major should be accounting with a minor in economics.


I highly doubt the vast majority of them could get through those courses.


All these guys should simply do is put their money in the bank and not try and invest it. At these numbers, the only risk is losing it.
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PostPosted: Mon Apr 03, 2017 4:51 pm    Post subject:

LakerLanny wrote:
jonnybravo wrote:
doughboy90650 wrote:
If you're a college star, your major should be accounting with a minor in economics.


I highly doubt the vast majority of them could get through those courses.


All these guys should simply do is put their money in the bank and not try and invest it. At these numbers, the only risk is losing it.

exactly, or just do some more conservative index fund type stuff. And if you must invest why not go to a reputable fund? It doesnt take a high IQ or finance background to avoid these shady fly by night financial advisors
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PostPosted: Mon Apr 03, 2017 9:30 pm    Post subject:

The Grind wrote:
He should write a letter on The Player's Tribune telling his younger self not to fall for that 'home town discount'.


I know I'm responding to a comment from last year, but man looking at the max salaries like a Mike Conley are making these days, a talent like Tim Duncan really did get ripped off....
I know people gave Kobe crap for taking those huge contracts the last 2 years of his playing career, but that is rather modest money in today's CBA.
Just think that hometown discount got him making less money than Jordan Clarkson.....
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PostPosted: Tue Apr 04, 2017 7:32 am    Post subject:

LakerLanny wrote:
jonnybravo wrote:
doughboy90650 wrote:
If you're a college star, your major should be accounting with a minor in economics.


I highly doubt the vast majority of them could get through those courses.


All these guys should simply do is put their money in the bank and not try and invest it. At these numbers, the only risk is losing it.


I don't know Lanny, investment is risky but the rewards are great too. $1 mil --> Ex: Duncan's financial guy could've bought 4 x $1 million dollars property with 25% down payment for a 10 year mortgage which the rent should covered. In 10 yrs, you own $4 mil dollar income generating properties +/- appreciation/depreciation.
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PostPosted: Thu Jun 29, 2017 4:50 pm    Post subject:

https://sports.yahoo.com/tim-duncans-attorney-says-nba-legend-aimed-keep-former-adviser-profiting-off-others-212057557.html

Quote:
Tim Duncan's attorney says NBA legend aimed to keep former adviser from bilking others

After the former financial adviser found guilty of stealing millions of dollars from retired San Antonio Spurs star Tim Duncan was sentenced to federal prison and ordered to pay restitution, the attorney for the NBA legend told The Vertical that Duncan never wanted the publicity of the case, but only wanted to prevent Charles Banks from illegally profiting off other athletes.

Banks, 49, of Atlanta, a longtime financial adviser for Duncan, was ordered to repay Duncan $7.5 million and sentenced to four years in prison in a San Antonio court on Wednesday.

Banks pleaded guilty to wire fraud earlier this year after bilking $6 million from Duncan in an investment deal.

“When the government approached us about this, the last thing Tim wanted was to have his name in the [public] for anything outside of basketball, or to spend time with lawyers, but he was really concerned that Banks was such a bad guy and we were worried about him doing these things to someone else,” Duncan’s attorney, Tullos Wells, told The Vertical.

“We already knew from civil litigation that, in our view, he was doing funny things with other people’s money, too. Tim didn’t want him to get away with doing it to someone else.

“That drove Tim even though he hated every minute of this [legal process].”
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