By all accounts, Tim Duncan is a very wealthy man, with over $220 Million in career earnings. But a pending suit is showing just how bad things can get. The article is below.
The lesson here?
Diversify your risks, and that includes making sure your have a couple managers looking over your affairs, and perhaps even looking over each other’s shoulders.
And like Ronald Reagan said, Trust, but Verify…
Duncan’s quote in the article is telling: “I’m a loyal guy. I’m a man of my word, and I assumed other people would be that way,” Duncan said. “That’s just not the case in life.”
Here’s the whole article, originally seen HERE
Tim Duncan isn’t worried after losing $20 million due to a dishonest financial adviser
The Big Fundamental has played 18 seasons in the NBA. He has dominated each and every one of those seasons. And even though he took a hometown discount to help the San Antonio Spurs in his last contract, the bottom line on Tim Duncan’s ledger is still an astronomical sum for the common man.
Duncan has earned over $220 million in his career, which is why he’s not too worked up about losing $20 million to a dishonest financial adviser.
Charles Banks, who served as Duncan’s former financial adviser, is being sued by Duncan over a faulty investment. As reported by Bloomberg, Banks hid his own interest in investment opportunities recommended to Duncan. The losses were found after an audit of Duncan’s fiduciary state as part of his divorce.
“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 of Banks.
However, Banks sees it differently. In his eyes, he did nothing wrong and is actually surprised by Duncan’s lawsuit from a consumer class action law firm.
“The note specifically discussed in Mr. Duncan’s complaint is current, Mr. Duncan is receiving 12 percent interest on that note, and Mr. Duncan’s investments as a whole have performed well. We are confident that when all the facts are heard, it will be clear that the claims presented lack foundation,” said Banks’ attorney Antroy Arreola.
Fortunately, Duncan says this will not impact his bottom line.
“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,” Duncan said.
The last sentence, of course, is a subtle nod towards potentially retiring this summer.
“I’m a loyal guy. I’m a man of my word, and I assumed other people would be that way,” Duncan said. “That’s just not the case in life.”
Duncan’s portfolio included hotels, beauty products, sports merchandising, and wineries that belonged to Banks.