*Think Tim Duncan is losing any sleep over losing more than $20 million to a dishonest financial advisor?
No need to think about it, ’cause he says he’s not.
While the amount is nothing to sneeze at, it’s not going to prevent the San Antonio Spurs superstar player from doing what he wants to do.
“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,” Duncan told Bloomberg while alluding to his possible retirement this summer. “I’m a loyal guy. I’m a man of my word, and I assumed other people would be that way. That’s just not the case in life.”
Duncan’s comments come amid a lawsuit he’s filed against Charles Banks, his former financial adviser, regarding a faulty investment. According to Bloomberg, Banks didn’t reveal his own interest in investment opportunities he recommended to Duncan. In the span of 18 seasons with the NBA, Duncan has earned more than $220 million.
As it turned out, the losses were discovered after an audit of the basketball all-star ‘s fiduciary state as part of his divorce. Duncan’s portfolio included hotels, beauty products, sports merchandising, and wineries that belonged to Banks, Bloomberg reports.
“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 about Banks, who feels he didn’t do anything wrong.
In fact, Banks looks to be surprised at Duncan’s legal move against him.
“The note specifically discussed in Mr. Duncan’s complaint is current, Mr. Duncan is receiving 12 percent interest on that note, and Mr. Duncan’s investments as a whole have performed well. We are confident that when all the facts are heard, it will be clear that the claims presented lack foundation,” said Banks’ attorney Antroy Arreola.
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