Despite losing more than $20 million due to his former financial advisor Charles Banks, Tim Duncan isn’t going to let money troubles determine whether or not he laces up his sneakers for another season. The San Antonio Spurs forward says Banks swindled him into investing millions of dollars into wineries, hotels, beauty products, etc.
Allegedly, Banks hid his own financial stakes in the investment opportunities he was pitching and encouraging Duncan to invest in. Banks advised Duncan on financial matters from Duncan’s rookie season and continued to 2007. The financial losses that occurred from 2005-2013 were discovered by Duncan during a review of his finances as part of his divorce proceedings. Duncan said Banks tried to persuade him to not file the lawsuit and promised he would pay the money back.
Despite the losses, Duncan doesn’t seem to have regrets. Via Bloomberg:
“Duncan said he won’t look back and castigate himself for failing to better protect his money. The NBA, he said, does a ‘‘great job’’ of informing players of the potential pitfalls when it comes to their money.”
And despite the significant financial loss, Duncan reiterated it won’t have an effect on his decision whether to play another NBA season – nor does it sound like he’s sweating the loss of cash.
“Luckily I had a long career and made good money,” the 39-year-old Duncan, who has been paid about $220 million over his career, including about $10 million this past season, said in a telephone interview. “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.”
We believe Duncan should come back for one last run with the team. Spurs guard Tony Parker, thankfully, seems to think Duncan and Manu Ginobili will come back.
Honestly though, Duncan, we are on to you.
(Via Bloomberg)
