Losing 10 per cent of his total earnings was bad enough, but when the hit came at the tail end of his career – and his divorce – it was devastating, alleges one NBA star.
It’s never fun when someone loses money on account of their advisor but it’s especially painful finding out about it while going through a divorce.
"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," soon-to-be free agent Tim Duncan told Bloomberg.com. "... I thought, for the most part, I was keeping an eye on things. You have to have people checking on people checking on people. I did that for a while. Obviously, I got to a point where the people I trusted were checking on themselves.”
Duncan is suing his former advisor Charles Banks for a series of investments made by the advisor between 2005 and 2013 that enriched his own financial situation while doing nothing but cause emotional and financial pain for the five-time NBA champion.
To make matters worse, Duncan became aware of these problem investments while accounting for his assets as part of his divorce proceedings.
ESPN estimates that the $20 million hit Duncan says he took on his finances is approximately 15 per cent of the after-tax income the basketball star has earned over the 19 years he’s been playing in the NBA.
"Luckily I had a long career and made good money," Duncan told 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."
His former advisor feels this is all one big misunderstanding.
Banks' attorney, Antroy Arreola, told Bloomberg.com that Duncan "has no claim against Mr. Banks" and that "when all the facts are heard, it will be clear that the claims presented lack foundation."
Duncan feels otherwise.
"I'm a loyal guy. I'm a man of my word and I assumed other people would be that way,” says Duncan. “That's just not the case in life."
"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," soon-to-be free agent Tim Duncan told Bloomberg.com. "... I thought, for the most part, I was keeping an eye on things. You have to have people checking on people checking on people. I did that for a while. Obviously, I got to a point where the people I trusted were checking on themselves.”
Duncan is suing his former advisor Charles Banks for a series of investments made by the advisor between 2005 and 2013 that enriched his own financial situation while doing nothing but cause emotional and financial pain for the five-time NBA champion.
To make matters worse, Duncan became aware of these problem investments while accounting for his assets as part of his divorce proceedings.
ESPN estimates that the $20 million hit Duncan says he took on his finances is approximately 15 per cent of the after-tax income the basketball star has earned over the 19 years he’s been playing in the NBA.
"Luckily I had a long career and made good money," Duncan told 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."
His former advisor feels this is all one big misunderstanding.
Banks' attorney, Antroy Arreola, told Bloomberg.com that Duncan "has no claim against Mr. Banks" and that "when all the facts are heard, it will be clear that the claims presented lack foundation."
Duncan feels otherwise.
"I'm a loyal guy. I'm a man of my word and I assumed other people would be that way,” says Duncan. “That's just not the case in life."
