San Antonio Spurs star Tim Duncan said he lost more than $20 million to someone he claims to be a dishonest financial adviser. Despite the loss, he says his decision to come back for a 19th NBA season in lieu of retiring will not be made because of money.
“Luckily I had a long career and made good money,” Duncan told Bloomberg. “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, 39, has made more than $200 million in his career and $10 million last season.
The losses came to light following a review of his finances 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. “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.”
The attorney for Charles Banks, the financial adviser in question, released the following statement:
“It is our understanding that Mr. Banks did not talk to or make any offers to Mr. Duncan’s attorneys the morning that Mr. Duncan filed his complaint against Mr. Banks,” Arreola said. “In fact, Mr. Banks found the legal action surprising because Mr. Duncan has no claim against Mr. Banks.
‘‘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.’’