Being a multi-millionaire professional basketball player can be a tricky thing to handle off the court. When considering all of the responsibilities they have from advertising to dealing with the media, it’s important for them to have a good support system.
Probably the most important thing athletes deal with off the court is their finances. With so many millions of dollars pouring in from so many different sources, it’s vital for the athlete to have someone trustworthy on their side.
Future hall of famer Tim Duncan thought he could trust financial adviser Charles Banks, but clearly that backfired.
San Antonio Spurs forward Tim Duncan has filed a second lawsuit against former financial adviser Charles Banks, claiming $1.1 million in losses on a failed cosmetics company.
According to an Associated Press report (via ESPN), Duncan alleges Banks falsely claimed the company, Le Metier de Beaute, was profitable when it was actually close to bankruptcy. Le Metier de Beaute has since shut its doors.
Back in January, Duncan revealed he lost more than $20 million on investments Banks made on his behalf.
“I trusted someone to do a job that I hired them to do and they misused my trust and went astray and started using my money,” Duncan said. “I want people to understand that the statements he made are absolutely incorrect, that he’s just trying to make himself look good and save his own image when there’s nothing there to save.”
Duncan’s net worth is $130 million, according to celebrity net worth.