Tim Duncan Sues Financial Advisor For Conflict Of Interest In Investments
Tim Duncan said he has sued his investment advisor in Texas state court, claiming he was pushed into investments despite conflicts of interest that ultimately caused him “substantial loss.”
Duncan claimed Charlie Banks, an Atlanta-based financial adviser, hid his own interest in investment opportunities that he recommended to Duncan, according to a copy of the complaint filed in San Antonio.
“Over the course of 17 years, I invested in a series of opportunities presented by Charles Banks, on his assurance that we were working together for my family’s long-term financial security,” Duncan said in a statement. “Banks exploited my good intentions and our relationship for his personal gain and my substantial loss. I’m saddened that my name will join the list of athletes to fall victim to this sort of misconduct.”
Duncan accused Banks of defrauding him through a $7.5 million loan to Gameday, a company Banks controlled.
Duncan was named to the NBA All-Star team on Thursday.
