Tim Duncan Loses 20 Million From Friend/Financial Advisor
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MR.CJ
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Tim Duncan is ready to do battle on a different kind of court.
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.
“This is a case to recover monies Duncan lost while and after he was betrayed by Banks, who committed egregious breaches of his trust relationship with Duncan – breeches drive and fueled by self interest, self dealing, and greed, to Duncan's substantial detriment and disadvantage,” attorney Richard Danyish of Bracewell and Giuliani writes in papers filed in state court in San Antonio, Texas.
Duncan says he wants 'monetary relief over $1 million,' according to court documents obtained by News Radio 1200 WOAI.
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.
The lawsuit claims Duncan didn't realize he was being hustled until he had to get his finances arranged early last year due to a divorce.
The lawsuit claims Banks acted 'with fraud or malice to secure payments for himself.'
A spokesman for Bracewell & Giuliani said the lawyers would have no further comment on the lawsuit.
The lawsuit claims Banks 'encouraged, promoted hustled and advised' Duncan to make substantial investments in wine operations, investments which “Banks used to secure substantial income for himself, but they have yet to return much, if anything, to Duncan.”
“Needless to say, Duncan would not have invested his financial future in these wineries and funds, if Banks had advised him that they would be operated for Banks' benefit to the detriment of Duncan and the other investors,” the lawsuit concludes.
Duncan, who has spent his entire 17 year career with the San Antonio Spurs, is one of the preeminent players in professional basketball. He has played on five NBA Championship teams, and recently became one of only five players in NBA history to be named to 15 All Star teams.
http://m.woai.com/articles/woai-local-news-sponsored-by-five-119078/source-duncan-losses-top-20-million-13207355/
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.
“This is a case to recover monies Duncan lost while and after he was betrayed by Banks, who committed egregious breaches of his trust relationship with Duncan – breeches drive and fueled by self interest, self dealing, and greed, to Duncan's substantial detriment and disadvantage,” attorney Richard Danyish of Bracewell and Giuliani writes in papers filed in state court in San Antonio, Texas.
Duncan says he wants 'monetary relief over $1 million,' according to court documents obtained by News Radio 1200 WOAI.
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.
The lawsuit claims Duncan didn't realize he was being hustled until he had to get his finances arranged early last year due to a divorce.
The lawsuit claims Banks acted 'with fraud or malice to secure payments for himself.'
A spokesman for Bracewell & Giuliani said the lawyers would have no further comment on the lawsuit.
The lawsuit claims Banks 'encouraged, promoted hustled and advised' Duncan to make substantial investments in wine operations, investments which “Banks used to secure substantial income for himself, but they have yet to return much, if anything, to Duncan.”
“Needless to say, Duncan would not have invested his financial future in these wineries and funds, if Banks had advised him that they would be operated for Banks' benefit to the detriment of Duncan and the other investors,” the lawsuit concludes.
Duncan, who has spent his entire 17 year career with the San Antonio Spurs, is one of the preeminent players in professional basketball. He has played on five NBA Championship teams, and recently became one of only five players in NBA history to be named to 15 All Star teams.
http://m.woai.com/articles/woai-local-news-sponsored-by-five-119078/source-duncan-losses-top-20-million-13207355/
Comments
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Sometimes you gotta get that pound of flesh. ? going to court.
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td look like a sucka ass ?
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So he lost 20 million and only wants 1 million in the suit? Dude must have some ? on Duncan
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Shouldn't have gave the team a break on his last contract.
Getting as much money as you can > championships. -
Financial advisors are the second biggest leeches of athletes...right behind golddiggers.
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More money, more problems smh.
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Shizlansky wrote: »Shouldn't have gave the team a break on his last contract.
Getting as much money as you can > championships.
word to kobe, smfh -
Shizlansky wrote: »Shouldn't have gave the team a break on his last contract.
Getting as much money as you can > championships.
Dude is a certified 1st ballot Hall Of Famer. People are going to be paying him for the rest of his life just to walk in the door because of those championships. -
Shizlansky wrote: »Shouldn't have gave the team a break on his last contract.
Getting as much money as you can > championships.
Dude is a certified 1st ballot Hall Of Famer. People are going to be paying him for the rest of his life just to walk in the door because of those championships.
Dude left at least 12 million on the table for one extra ring.
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lol @ "1 extra ring". U right, that's not a big deal at all -___-
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That was prolly his,bf nh
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Tim Duncan only asking for a small amount because he knows that his financial advisor knows the truth about his sexuality and doesn't want the details exposed
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That ? invested all that money in BS and can't invest in a decent wardrobe.
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That ? invested all that money in BS and can't invest in a decent wardrobe.
Saves money on his electricity dressing in the dark and bargain shopping for free at the Salvation Army -
lol @ "1 extra ring". U right, that's not a big deal at all -___-
I bet that 1 ring he got can't make up for all the money he left on the table.
No where near it.
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And he's not gon be getting paid to "walk thru doors" the same he left out his deal.
Plus nobody want him to come speak cuz he's not that type b -
My question is who the ? pays another man to tell you how to spend your money?
WTF simply put it in a savings account or just don't spend it. Simple -
Bout to cop these rims and tires tho for 1500
~O) -
I'm definitely not listening to anybody about investing my money, when you are not making more than me
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My question is who the ? pays another man to tell you how to spend your money?
WTF simply put it in a savings account or just don't spend it. Simple
I guess I don't understand because I haven't seen that type of money...but I don't get how you can ever be making so much money where you're just like "here handle this however you see fit" to some guy and not even watch them.
Also never understood why somebody who's of able mind would give somebody Power of Attorney so they can write checks in your name... -
hate it had to be Tim, at his income all he needs a mix of blue chips dividend stocks (S&P 500, Dow), US govt bonds, short term interest deposits, no mortgage on primary residence.
If you feeling lucky then a small % of your portfolio in real estate, venture capital, fast food franchises, etc.
You don't need 10% a year when you getting $20m a year in your prime and earned $200m+ in the L -
Duncan about to send them cruzans in atl for that ? . He about to get burned alive.
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Had no idea Duncan and his wife got a divorce.
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meh.. he married a Becky... this woulda happened 1 way or another
