According to Matt Moore of CBS Sports, Tim Duncan will be suing his ex-financial advisor for more than $1 million in damages. Duncan may have been enjoying a lot of success on the court, but when it comes to life outside of basketball, life has gotten a little rough these last couple years.
This whole financial advisor situation has been pretty hairy. Via KENS5 in San Antonio:
Charles Banks, whom Duncan has known since 1998, advised him to invest in several businesses, including Gameday Entertainment LLC.
Duncan’s lawsuit claims that Banks used his position to receive fees that were not part of the agreement.
“Using his position, Banks instructed Gameday to withhold 20 percent of the amounts due Duncan under the Gameday Note as Banks’ ‘fee,'” the lawsuit states. “However, Banks did not, and does not, have any written authorization from Duncan allowing such withholding.”
The lawsuit states that Duncan did not realize that there might be any issues with his investments until early last year as he prepared to account for his assets in financial documents for a family law proceeding.
“While Banks was willing to use his position with Gameday to secure payments for himself, he was not willing to ensure that Duncan’s interests were protected,” the lawsuit claims.
The lawsuit also alleges that at least two documents related to Duncan’s relationship with Gameday were executed with a forgery of his signature.
After a tough divorce that took place during the 2013 finals, this doesn’t come as any fun news for Duncan. While the off-court issues may still be popping up, Duncan is still having a solid 17th season. To go along with his 15th all-star appearance he is also making over $234 million just from NBA contracts.
