Former San Antonio Spurs star player, Tim Duncan, has had problems with financial advisors in his illustrious career. Luckily he got some form of justice on Monday when one of his former advisors plead guilty to defrauding the power forward of millions of dollars according to San Antonio Eye Witness News.
Tim Duncan stated that he was duped out of nearly $25 million in failed investments and now the advisor faces up to 20 years in prison with a fine of up to $250,000. It does not nearly equal what Duncan lost but at least it puts an end to a terrible chapter in his life.
Tim Duncan issued the following statement following the trial.
Mr. Banks is now a confessed felon. I will continue to cooperate with the U.S. Attorneys’ Office and Mr. Banks’ probation officer, at their request.
I greatly appreciate the work of the Department of Justice and others who have seen the wrongs committed and helped me take action in the hope that others will never have to go through this.
While I have much I would like to say about this whole matter, I am following the request of my counsel and withholding comment until the June sentencing date.
Thank you.
