Tim Duncan is suing his former business adviser over millions in alleged losses, according to Bloomberg. Duncan's lawyers claim that his adviser, Charles Banks, encouraged him to make several investments that he then used "to secure substantial income for himself, but they have yet to return much, if anything, to Duncan."
Tim Duncan sues former business adviser for over $20 million in losses
Duncan is the latest in a long list of NBA players to allegedly been taken advantage of by advisers.
Chris Humphreys-USA TODAY Sports
Duncan realized the state of his investments when he had to have his finances revised for his divorce last year. He is now asking for “monetary relief over $1 million,” according to WOAI. Banks was a long time friend of Duncan’s, who met him during his rookie year in 1998.
“Banks exploited my good intentions and our relationship for his personal gain and my substantial loss,” said Duncan in a statement. “I’m saddened that my name will join the list of athletes to fall victim to this sort of misconduct.”
A source told WOAI that the losses were for over $20 million over the years. The biggest investment was $7.5 million, 20 percent of which Banks allegedly retained as a fee. The lawsuit also claims he forged Duncan’s signature on a bank loan.
Duncan has made over $224 million in his NBA career, according to Basketball-Reference, in salary only. Early on he would do commercials before deciding to stay away from the limelight as much as possible, so it’s safe to assume the losses, while substantial, won’t bankrupt him. Banks has not commented on the story at this point.
Recently Mike Miller, James Jones and Rashard Lewis were defrauded and sued a man for a combined $7.5 million in losses. Other notable players that have been embezzled include Sam Young and Mark Jackson.
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