If it can happen to Tim Duncan, it can happen to you. According to Bloomberg, San Antonio Spurs big man Tim Duncan has filed a $1 million lawsuit against his (what I hope is his former) financial advisor.
From Bloomberg:
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 Duncan’s loan to Gameday Entertainment, for which Banks serves as chairman.
“Over the course of 17 years, I invested in a series of opportunities presented by Charles Banks, on his assurance that we were working together for my family’s long-term financial security,” Duncan said in a statement. “Banks exploited my good intentions and our relationship for his personal gain and my substantial loss. I’m saddened that my name will join the list of athletes to fall victim to this sort of misconduct.”
The lawsuit also alleges Banks forged Duncan’s signatures on documents. Reports say that Duncan discovered the discrepancy while making other financial filings.
Duncan said he met Banks during his rookie year in 1998. At Banks’ urging, the athlete invested several million dollars in hotel, beauty products, sports merchandising and wineries that the adviser owned or in which he had financial stakes, according to the filing.
This proves that no matter who you are, whether a super star athlete, famous person, or an average joe, everybody needs to be careful with their surroundings and who they can trust.
