Every now and again we see these stories of players having money trouble, whether it’s poor investment or somebody just going plain broke 5 years after retirement, it just reminds us that these sportsmen and women have 10-15 years of racking up as much money as possible and then there’s another 50-60 years of their life.
Tim Duncan has been making his fair share of $. But some of it has been lost, according to Bloomberg, Duncan has sued his financial advisor because of several poor investment that has caused Tim to lose over $20 Million.
“Luckily I had a long career and made good money,” the 39-year-old Duncan, who has been paid about $220 million over his career, including about $10 million this past season, said in a telephone interview. “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,” Duncan said in the phone interview, noting that he’s speaking out to dispel Banks’s assertions that the losses stemmed from a misunderstanding or that he was impatient and wanted out of certain investments. “I want people to understand that the statements he made are absolutely incorrect, that he’s just trying to make himself look good and save his own image when there’s nothing there to save.”
Now this isn’t the first time he’s locked horns with his financial advisor. Back in January they were in a $1 Million lawsuit.
I don’t see why he doesn’t ditch this guy. Does he owe him? Is it like an ‘Entourage’ kind of situation?
