Fifteen-time All-Star basketball champion Tim Duncan isn’t worried about allegedly losing $25 million. However, he is suing his financial advisor.
Duncan’s former financial adviser, Charles Banks, is being sued over multiple faulty investments that allegedly made him rich but weren’t profitable to his client, five-time NBA champion Tim Duncan. According to Bloomberg, Banks chose to withhold information about his own personal interest in the investment opportunities he recommended to Duncan. The losses came to light only after Duncan’s audit was conducted as part of his divorce settlement.
Duncan filed a lawsuit back in January, alleging that a series of investments from 2005 to 2013 made his financial advisor Charles Banks a lot of money, but most of the investments were in reality losing propositions for him. Additionally, Duncan claims Banks secretly withheld 20 percent of the return on Duncan’s loan – approximately $7.5 million – to Gameday Entertainment. Incidentally, Charles Banks serves as chairman for the company to which Duncan lent money. The lawsuit also claims Tim Duncan’s signatures were forged on at least two investment documents.
Duncan has earned over $220 million in his career, and even if the losses amount to more than 15 percent of his after-tax career earnings, the 18-season NBA veteran isn’t overly concerned, but he is determined to seek justice.
“Luckily I had a long career and made good money. 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. 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. I thought, for the most part, I was keeping an eye on things. You have to have people checking on people checking on people. I did that for a while.
“Obviously, I got to a point where the people I trusted were checking on themselves. The bottom line is this: You can’t be angry at yourself. I keep going back to this word, but I trusted someone. 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.”
Charles Banks, on the other hand, claims Tim Duncan appeared to lose patience and was trying to get out of their limited partnership investments. Absolving himself of any wrongdoing, Banks is confident that the court of law will certainly make the right decision once all the facts are heard.
[Image Credit | Andy Lyons / Getty Images]