Earlier this year, our securities law firm published a blog post reporting that San Antonio Spurs’ Tim Duncan had filed a Texas securities case against financial representative Charles Banks. Duncan contends that due to unsuitable recommendations made to him by Banks, he allegedly lost some $25 million.
Banks, a private-equity investor, was Duncan’s adviser for nearly two decades, since the beginning of his professional sports career. The NBA All-Star says that Banks persuaded him to get involved in investments that were bad for Duncan but good for the financial adviser. He also claims that Banks forged his signature and withheld his return on a loan. The San Antonio Spurs star says that over the years, he’s invested millions of dollars in products and businesses that Banks either owned or had a financial stake in.
Meantime, Banks claims that Duncan’s losses are because of the player’s own impatience or due to misunderstandings. He argued that Duncan is using the Texas securities case to exit certain limited partnership investments.
When recently asked if the investment losses would impact whether or not he will continue to play basketball, the 15-time All Star said that it would not. In an interview with Bloomberg, Duncan said that he made the mistake of trusting Banks, who ended up abusing that confidence. He refuted Banks’ statements of defense and accused the investment adviser of “trying to make himself look good and save his own image.” Duncan noted that he hoped younger athletes would hear about what happened to him and learn from his mistakes.
Our securities fraud law firm has represented numerous professional athletes in recouping their investment losses that were a result of bad investment advise or other negligence or wrongdoing by a financial representative or a firm. Contact Shepherd Smith Edwards and Kantas, LTD LLP today.
Sun Antonio Spurs Star Tim Duncan Files Texas Investment Adviser Fraud Case, Stockbroker Fraud Blog, January 31, 2015
SEC Charges Investment Advisory Firm’s Former President With Stealing Client Monies, Including $300,000 from Mike Tyson321, Institutional Investor Securities Blog, June 15, 2015
Losing $25 Million Won’t Decide Whether Spurs’ Duncan Returns, Bloomberg, June 17, 2015