Tim Duncan files $1 million lawsuit against financial advisor
Goto page 1, 2  Next

 
Post new topic    LakersGround.net Forum Index -> General Basketball Discussion Reply to topic
View previous topic :: View next topic  
Author Message
Basketball Fan
Franchise Player
Franchise Player


Joined: 03 Feb 2004
Posts: 20989

PostPosted: Sat Jan 31, 2015 11:49 am    Post subject: Tim Duncan files $1 million lawsuit against financial advisor

http://probasketballtalk.nbcsports.c...ncial-advisor/

Quote:
Tim Duncan files $1 million lawsuit against financial advisor

One of the challenges for professional athletes ó no matter how educated and regardless of sport ó 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 Duncanís loan to Gameday Entertainment, for which Banks serves as chairman.

The lawsuit also alleges Banks forged Duncanís 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 ó pro athletes need to have checks and balances. They canít trust anyone, even family, completely.
Back to top
View user's profile Send private message Reply with quote
CandyCanes
Retired Number
Retired Number


Joined: 24 Dec 2007
Posts: 27552
Location: Santa Clarita, CA (Hell) ->>>>>Washington, DC

PostPosted: 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:

https://www.youtube.com/watch?v=SZrbEjppnd4
Back to top
View user's profile Send private message Visit poster's website AIM Address Reply with quote
Oliver Reed
Star Player
Star Player


Joined: 28 Sep 2014
Posts: 2626
Location: Globo Gym

PostPosted: Sat Jan 31, 2015 5:45 pm    Post subject:

That will pay for a lot of those button shirts he wears from Big Lots.
Back to top
View user's profile Send private message Reply with quote
mporter
Starting Rotation
Starting Rotation


Joined: 30 Oct 2005
Posts: 609

PostPosted: Sat Jan 31, 2015 5:58 pm    Post subject:

First all that stuff with his ex-wife, now this. Dude has had a rough time off the court lately. Good thing he's able to keep it together.
Back to top
View user's profile Send private message Reply with quote
Vancouver Fan
Franchise Player
Franchise Player


Joined: 17 Apr 2006
Posts: 13890

PostPosted: Sat Jan 31, 2015 6:00 pm    Post subject:

CandyCanes wrote:
One million? Seems more like a punishment lawsuit that an attempt to recover money.
1 mil is still 1 mil.
_________________
Music is my medicine
Back to top
View user's profile Send private message Reply with quote
venturalakersfan
Retired Number
Retired Number


Joined: 14 Apr 2001
Posts: 116599
Location: The Gold Coast

PostPosted: Sat Jan 31, 2015 8:27 pm    Post subject:

Vancouver Fan wrote:
CandyCanes wrote:
One million? Seems more like a punishment lawsuit that an attempt to recover money.
1 mil is still 1 mil.


And TD knows how much money is missing, he probably knows that the adviser can pony up that much.
_________________
#lakerclownshow
Back to top
View user's profile Send private message Reply with quote
CBaller8
Franchise Player
Franchise Player


Joined: 17 Feb 2002
Posts: 14876
Location: Reseda, CA

PostPosted: Sat Jan 31, 2015 8:49 pm    Post subject:

Don't feel bad for him
Back to top
View user's profile Send private message AIM Address Reply with quote
TDRock
Star Player
Star Player


Joined: 27 May 2010
Posts: 9573
Location: LA to the Bay

PostPosted: Sun Feb 01, 2015 1:32 pm    Post subject:

Oliver Reed wrote:
That will pay for a lot of those button shirts he wears from Big Lots.


Back to top
View user's profile Send private message Reply with quote
rwongega
Franchise Player
Franchise Player


Joined: 20 Jul 2005
Posts: 18667
Location: UCLA -> NY

PostPosted: Sun Feb 01, 2015 6:02 pm    Post subject:

Tim Duncan is very sad about this betrayal.
_________________
http://media.giphy.com/media/zNyBPu5hEFpu/giphy.gif
http://bartsblackboard.com/files/2009/11/The-Simpsons-05x18-Burns-Heir.jpg

RIP Jonathan Tang
RIP Alex Gruenberg

Free KBCB
Back to top
View user's profile Send private message Reply with quote
non-player zealot
Franchise Player
Franchise Player


Joined: 05 Nov 2007
Posts: 15987

PostPosted: Wed Feb 04, 2015 9:51 pm    Post subject:

rwongega wrote:
Tim Duncan is very sad about this betrayal.


Ooh, he's pissed... Never seen him that mad.
_________________
GOAT MAGIC REEL
NBC intro, CHI 91

NPZ is one of humanity's greatest assests. -Dladi
And of course, I'm indebted to NPZ, our legend. -spflakers
Back to top
View user's profile Send private message Reply with quote
Oliver Reed
Star Player
Star Player


Joined: 28 Sep 2014
Posts: 2626
Location: Globo Gym

PostPosted: Wed Feb 04, 2015 9:53 pm    Post subject:

non-player zealot wrote:
rwongega wrote:
Tim Duncan is very sad about this betrayal.


Ooh, he's pissed... Never seen him that mad.


HahaHHAHAHAHAHA. Am I the only one who got a chuckle more from the dude photo bombing Pop and Duncan then duncan's expression?
Back to top
View user's profile Send private message Reply with quote
fiendishoc
Star Player
Star Player


Joined: 23 Jun 2005
Posts: 7891

PostPosted: Thu Feb 05, 2015 4:21 am    Post subject:

Duncan's no dummy but he lent 7.5 million to his agent's entertainment company??
Back to top
View user's profile Send private message Reply with quote
Chronicle
Retired Number
Retired Number


Joined: 21 Jul 2012
Posts: 27599
Location: Holland

PostPosted: Thu Feb 05, 2015 10:36 am    Post subject:

fiendishoc wrote:
Duncan's no dummy but he lent 7.5 million to his agent's entertainment company??


I have a bridge in nigeria he can buy
_________________
also sprach magic johnson
Back to top
View user's profile Send private message Reply with quote
venturalakersfan
Retired Number
Retired Number


Joined: 14 Apr 2001
Posts: 116599
Location: The Gold Coast

PostPosted: Thu Feb 05, 2015 10:37 am    Post subject:

fiendishoc wrote:
Duncan's no dummy but he lent 7.5 million to his agent's entertainment company??


Maybe one of those forged signatures.
_________________
#lakerclownshow
Back to top
View user's profile Send private message Reply with quote
Basketball Fan
Franchise Player
Franchise Player


Joined: 03 Feb 2004
Posts: 20989

PostPosted: Thu Jun 18, 2015 5:59 pm    Post subject:

Ouch. I can't imagine not knowing where $20 million went. Try not to be on Broke 2 Timmy....


http://probasketballtalk.nbcsports.com/2015/06/18/tim-duncan-says-he-lost-more-than-20-million-allegedly-stolen-by-financial-advisor/

Quote:
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 ó more than $20 million, Duncan told Bloomberg News (hat tip Eye on Basketball).

Ouch. Bloomberg asked if that was going to impact Duncanís decision to return to the NBA next season, something not yet officially decided or announced. Heís fortunate enough to be able to laugh that idea off.

ďLuckily I had a long career and made good money,Ē 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. ďThis is a big chunk, but itís not going to change my life in any way. Itís not going to make any decisions for me.Ē



Good for Duncan that dropping more than $20 million isnít 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 Duncanís 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, isnít 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 ó you wouldnít 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).
Back to top
View user's profile Send private message Reply with quote
lakersken80
Retired Number
Retired Number


Joined: 12 Aug 2009
Posts: 26972

PostPosted: Thu Jun 18, 2015 7:50 pm    Post subject:

CandyCanes wrote:
One million? Seems more like a punishment lawsuit that an attempt to recover money.


Ask Scottie Pippen if 1 million is a lot....I think he won a judgement on that broken jet of his that almost put him into bankruptcy....
Back to top
View user's profile Send private message Reply with quote
moonriver24
Franchise Player
Franchise Player


Joined: 21 Oct 2007
Posts: 14366

PostPosted: Thu Jun 18, 2015 8:50 pm    Post subject:

This move can be a president for the next ones
_________________
Kobe's Top 5 Dunks, 81 points, MJ last gm @Staples
Back to top
View user's profile Send private message Reply with quote
Hammett
Star Player
Star Player


Joined: 20 Dec 2008
Posts: 6252

PostPosted: Thu Jun 18, 2015 10:00 pm    Post subject:

Vancouver Fan wrote:
CandyCanes wrote:
One million? Seems more like a punishment lawsuit that an attempt to recover money.
1 mil is still 1 mil.


Plus your career as financial adviser is pretty much over.
_________________
"Keep looking at me like that and I'll turn Suplex City into Mizney World."
Back to top
View user's profile Send private message Reply with quote
doughboy90650
Franchise Player
Franchise Player


Joined: 20 Apr 2006
Posts: 15175
Location: Southern California

PostPosted: Thu Jun 18, 2015 10:15 pm    Post subject:

If you're a college star, your major should be accounting with a minor in economics.
Back to top
View user's profile Send private message Reply with quote
Basketball Fan
Franchise Player
Franchise Player


Joined: 03 Feb 2004
Posts: 20989

PostPosted: Mon Nov 09, 2015 4:22 pm    Post subject:

http://nba.nbcsports.com/2015/11/09/nba-star-duncan-says-ex-financial-adviser-cost-him-millions/


Quote:

Tim Duncan files another lawsuit against ex-financial adviser


SAN ANTONIO (AP) ó 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.
Back to top
View user's profile Send private message Reply with quote
Hammett
Star Player
Star Player


Joined: 20 Dec 2008
Posts: 6252

PostPosted: Mon Nov 09, 2015 9:02 pm    Post subject:

Poor guy.

Cheated on by his wife, ripped off by his financial advisor. Always happens to the nice guys.
_________________
"Keep looking at me like that and I'll turn Suplex City into Mizney World."
Back to top
View user's profile Send private message Reply with quote
jonnybravo
Franchise Player
Franchise Player


Joined: 21 Sep 2007
Posts: 22379

PostPosted: Mon Nov 09, 2015 9:11 pm    Post subject:

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.
Back to top
View user's profile Send private message Reply with quote
rwongega
Franchise Player
Franchise Player


Joined: 20 Jul 2005
Posts: 18667
Location: UCLA -> NY

PostPosted: Mon Nov 09, 2015 11:48 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.


Especially since the vast majority of college stars barely get through communications and general studies courses.
_________________
http://media.giphy.com/media/zNyBPu5hEFpu/giphy.gif
http://bartsblackboard.com/files/2009/11/The-Simpsons-05x18-Burns-Heir.jpg

RIP Jonathan Tang
RIP Alex Gruenberg

Free KBCB
Back to top
View user's profile Send private message Reply with quote
shnxx
Star Player
Star Player


Joined: 09 May 2013
Posts: 3382

PostPosted: Tue Nov 10, 2015 12:14 am    Post subject:

why couldn't he give his money to david robinson, who supposedly manages two funds?
Back to top
View user's profile Send private message Reply with quote
Basketball Fan
Franchise Player
Franchise Player


Joined: 03 Feb 2004
Posts: 20989

PostPosted: Tue Nov 10, 2015 4:46 pm    Post subject:

I know you would think Tim could've avoided all this if he trusted his former teammate
Back to top
View user's profile Send private message Reply with quote
Display posts from previous:   
Post new topic    LakersGround.net Forum Index -> General Basketball Discussion All times are GMT - 8 Hours
Goto page 1, 2  Next
Page 1 of 2
Jump to:  

 
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum






Graphics by uberzev
© 1995-2010 LakersGround.net. All Rights Reserved. Privacy Policy. Terms of Use.
LakersGround is an unofficial news source serving the fan community since 1995.
We are in no way associated with the Los Angeles Lakers or the National Basketball Association.


Powered by phpBB