Tim Duncan isn’t exactly going to be appearing on the next Broke documentary, but he’s another athlete who’s fallen victim to a crooked financial advisor and the losses are astounding.
NewsRadio 1200 WOAI reports the Spurs superstar has filed a seven figure lawsuit against a long time friend and financial adviser, claiming Atlanta businessman Charles Banks took advantage of their friendship to ‘hustle’ him out of millions of dollars in bad investments, which made money for Banks but not for Duncan.
A key source tells News Radio 1200 WOAI that Duncan’s losses, despite the modest demand of ‘more than $1 million,’ topped $20 million, on investments with Banks of roughly $27 million.
Duncan says after meeting Banks during his rookie year in the NBA in 1998 and ‘coming to consider him a personal and financial adviser,’ he invested millions of dollars in a ‘wide array of industries,’ including the hotel, beauty products, sports merchandise and wine industries.’ But Duncan says his biggest investment, of $7.5 million, was in a company called Gameday which Banks headed.
Without Duncan’s authorization, the lawsuit claims that Banks withheld 20% of the money he was due as ‘fees,’ and at one point, Duncan says Banks forged his signature on loan documents.
Duncan reportedly didn’t realize he was being robbed until he had to go over his finances due to his divorce.
