One of the challenges for professional athletes — no matter how educated and regardless of sport — is there are people looking to prey on them financially.
Even Tim Duncan. At least from his perspective. Duncan filed a $1 million lawsuit against a former financial advisor on Friday, reports the Associated Press.
Spurs star Tim Duncan has filed a lawsuit contending that a series of investments enriched his financial adviser but were losing propositions for the NBA star, including $7.5 million in an entertainment company run by the adviser.
The lawsuit, filed Thursday in San Antonio, seeks more than $1 million in damages against Charles Banks of Atlanta. It claims Banks secretly withheld 20 percent of the return on Duncan’s loan to Gameday Entertainment, for which Banks serves as chairman.
The lawsuit also alleges Banks forged Duncan’s signatures on documents.
The AP tried to reach Banks for comment but could not.
Duncan is no dummy, he discovered the discrepancy while making other financial filings, according to the report.
Whatever the reality of this case, it is just another cautionary tale — pro athletes need to have checks and balances. They can’t trust anyone, even family, completely.