Tim Duncan Claims He Lost More Than $20 Million Due To Financial Adviser
Way back in January, it was announced that Tim Duncan was suing his former financial adviser, Charles Banks. However, the news quieted down for a while, with little information trickling out about the lawsuit. Now, he opened up about the ordeal and how he lost more than $20 million allegedly because of his financial adviser, according to Bloomberg News.
Tim Duncan Claims He Lost More Than $20 Million
Tim Duncan has had arguably one of the greatest basketball careers of all-time: five NBA titles, two MVPs and a Rookie of the Year award. Between the longevity of his career and his consistent productivity, he is certainly in the conversation of greatest basketball players ever. However, this does not stop him from dealing with some real world issues, like his financial adviser allegedly swindling money from him.
“Luckily I had a long career and made good money,” Duncan told Bloomberg News. “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.”
The discrepancies were noticed when Duncan did a financial review during his 2013 divorce, which called into question losses the athlete suffered between 2005-13.
“I thought, for the most part, I was keeping an eye on things. You have to have people checking on people checking on people,’’ Duncan continued. “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.”
The article also goes into Banks’ response, which denied any allegations and even claimed Duncan’s portfolio did well during that time period. However, the athlete stated that Banks offered to pay back the money, which the Spurs’ star gave him time to do. But when nothing came of it, the lawyers decided it was time to pursue the lawsuit.
Tim Duncan is currently an unrestricted free agent. There is no word on whether he will retire or return to the Spurs.
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