San Antonio Spurs forward Tim Duncan says he lost about
$25 million in investments to a dishonest adviser, but is not a factor in
deciding if he will return for a 19th NBA season.
Earlier this year, Duncan sued Charles Banks, his former
financial adviser, seeking more than $1 million in damages after Duncan says
that Banks took Duncan's $7.5 million investment in his company, Gameday
Entertainment LLC, and used it for his personal benefit.
Duncan claimed in the lawsuit, filed in January, that his
signature was forged numerous times and was not aware of any impropriety until
he prepared documents pertaining to his divorce last year.
Banks, who met Duncan sometime during his rookie campaign
in 1997-98 season, also “encouraged, promoted, hustled and advised Duncan to
invest in several wineries and investment funds that he controls," the
lawsuit states.
“Luckily I had a
long career and made good money,” Duncan saidto Bloomberg. “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.”
Banks’ attorney says that Duncan’s claims “lack
foundation” and that his investments as a whole have performed well.
Duncan is a 15-time All-Star and two-time NBA MVP who has
made more than $220 million in his career. He made $10 million last season and
will be an unrestricted free agent next month.
• Cavaliers favored by Las Vegas to win NBA championship
in 2016
Duncan, 39, has not said if he will return next season,
but did say that as far as financial advice is concerned, he won’t “go out and
preach to people” about potential pitfalls when dealing with investors.
"The bottom line is this: You can’t be angry at
yourself. I keep going back to this word, but I trusted someone,” Duncan said.
“I was wrong about it. I got screwed over for it. I’m not mad at myself for
that. That’s a lesson learned. I’ll never put myself in that situation again.”
Source: SI
