Friday, June 19, 2015

Tim Duncan Gets Dunked On

It can happen to the best of us: San Antonio Spurs forward  Tim Duncan says he lost about $25 million in investments to a dishonest financial adviser. Earlier this year, Duncan sued Charles Banks, his former financial adviser, whom he had known since his rookie year back in 1997.

Duncan says that Banks took Duncan's $7.5 million investment in his company, Gameday Entertainment LLC, and used it for his personal benefit, and also claims that his signature was forged on several different documents. Banks also “encouraged, promoted, hustled and advised Duncan to invest in several wineries and investment funds that he controls," the lawsuit states.

Duncan says he wasn't aware that any of this was going on until he began preparing documents pertaining to his divorce last year. Now he needs to decide if he's going to play one more year with the Spurs - maybe he could use the money.

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