This case proves that even the most astute athletes can be taken advantage of financially. According to KENS5 in San Antonio, Spurs star Tim Duncan is suing his long time financial advisor for more than $1 million.
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.