Tim Duncan files lawsuit against Financial Adviser

[Biernutz]

Tim has filed a lawsuit over some investments his long term financial adviser made for him.
The long time adviser since 1998 made some investments for Tim in Gameday
worth 7.5 million. The lawsuit said the adviser was getting payments
Tim didn't sign off on. All this came to light last year when Tim's divorce
was going on.....



http://www.kens5.com/story/sports/nba/spurs/2015/01/30/duncan-files-suit-against-financial-adviser-over-75-million-investment/22589215/

[lefty]

lol financially cucked

[Biernutz]

Sucks for Tim...hope he needs to play another year to make up the money......

[weebo]

Just goes to show you how much coin these guys make if they don't even notice 7.5 million missing from their wallets.

[Godbama]

lol financially cucked

[313]

Just goes to show you how much coin these guys make if they don't even notice 7.5 million missing from their wallets.

[ElNono]

This is the dude:

http://www.maisonloree.com/About-MLO/PARTNER-CHARLES-BANKS

[boutons_deux]

"involved in multiple passions within the wine world."

what? "English, motherfucker ...."

[Arcadian]

lol financially cucked

Nope. He's gonna make that faggot pay up in court.

[Raven]

Well he does have the face of a corrupt agent..

[milkyway21]

"involved in multiple passions within the WINE world."

what? "English, motherfucker ...."

Like Pop :)

Since 1998? 20% ...
Wow that's a lot of money.

& forgery is a serious offense..

[cjw]

I'm astounded that athletes trust anyone outside of top financial institutions with their money. I see my industry tarnished by so many empty suits and even worse frauds. It's not all that hard to cram for a few exams and get licensed unfortunately.

Anyone who puts more than a percentage of their assets with any one institution / investment that they wouldn't mind taking as a total loss is insane. Hopefully for Tim this was just that - a small percentage gone sour.

[ploto]

Athletes and physicians are the dumbest people about money. Basketball stars who make millions and millions, but somehow that is not enough. Instead of putting their money in safe investments or fairly low risk mutual funds, they invest in night clubs, hotels, and restaurants.

[MultiTroll]

http://www.kens5.com/story/sports/nba/spurs/2015/01/30/duncan-files-suit-against-financial-adviser-over-75-million-investment/22589215/
Which led to a 1st time for me, link to Thigh Gap Thursday.

[TampaDude]

Send Baynes to the guy's office with a 2x4. He'll pay up. :lol

[Tuddy]

Only invested probably 2% of his career earningd/endorsements

[jARS mEsH sEt]

Just goes to show you how much coin these guys make if they don't even notice 7.5 million missing from their wallets.

Except that's not what the article says at all. Reading is fundamental.

[hater]

Well he does have the face of a corrupt agent..

translation: "he's white"

[024]

http://www.bloomberg.com/news/articles/2015-01-30/spurs-tim-duncan-said-to-lose-20-million-to-bad-investments?cmpid=yhoo

$20 million is not chump change... looks like between this and the divorce, Duncan will be playing another season.

[DieHardSpursFan1537]

Damn, poor Timmy. This Charles Banks guy sounds like a real piece of work.

[daslicer]

In my eyes the last year few years has humanized Duncan. Prior to all these things happening from the outside it seemed Duncan had a great marriage,kids, and was great with money. He's been taken on a ride emotionally and financially. This story of him losing money shocks me more then when his wife cheated on him. I always thought Duncan was one of those guys who was great with money and could not be scammed.

[dabom]

http://www.bloomberg.com/news/articles/2015-01-30/spurs-tim-duncan-said-to-lose-20-million-to-bad-investments?cmpid=yhoo

$20 million is not chump change... looks like between this and the divorce, Duncan will be playing another season.

He could make that easily with endorsement money. He doesn't seem to be all about the money. If he plays longer it's cause he wants to play more.

[Biernutz]

What happened to Tim could happen to anyone who is looking to invest some money. If you don't
have the skills to do it yourself, you hire someone to mange your money and give you advice. Even the best references
and word of mouth don't help sometimes..Example..Bernie Madoff is one. The only thing is if you have someone doing
this for you, have a audit every couple of years from a outside company to check your investments.
The only way i'll have big money is to win the lotto but most of us have company IRA's that we have to park
somewhere when you retire...

[Venti Quattro]

:lmao cuck

[Sean Cagney]

Athletes and physicians are the dumbest people about money. Basketball stars who make millions and millions, but somehow that is not enough. Instead of putting their money in safe investments or fairly low risk mutual funds, they invest in night clubs, hotels, and restaurants.

Add some musicians to that and you definitely have a good point there man. I agree on all fronts.

[spursparker9]

Spurs’ Tim Duncan Said to Lose $20 Million to Bad Investments

http://www.bloomberg.com/news/articles/2015-01-30/spurs-tim-duncan-said-to-lose-20-million-to-bad-investments?cmpid=yhoo

[Splits]

http://i40.tinypic.com/fu184y.jpg

[Mikeanaro]

Better leave the money in the bank those rats are greedy and not trust worthy, oh you wanna invest 20 mil? invest from your own pocket you piece of shit.

[EVAY]

I'm astounded that athletes trust anyone outside of top financial institutions with their money. I see my industry tarnished by so many empty suits and even worse frauds. It's not all that hard to cram for a few exams and get licensed unfortunately.

Anyone who puts more than a percentage of their assets with any one institution / investment that they wouldn't mind taking as a total loss is insane. Hopefully for Tim this was just that - a small percentage gone sour.

I agree with you, and have made sure that my portfolio is spread among three different investment firms. Because I just flat out don't trust any one of them to have all of my money.

But bear in mind that these players are awfully young when they are handed HUGE amounts of money, and people are being soooo nice to them, and they promise this and that, and most young folks don't have the sophistication or maturity to fend off that sort of attention and scam artistry.

What surprised me most is that the Spurs' organization doesn't make institutional financial planners available to these players as part of their package. Maybe they do and players only use them for a portion of their assets.

Even Pop lost money on a restaurant, Bowen lost money on a spa business for his wife, Tony lost money on a bar business for his brothers, etc. etc. etc. Tim may lose money on his vehicle-outfitting business.

Basketball smarts don't translate into business smarts and vice-versa (see Cuban, Mark).

[Beaverfuzz]

I agree with you, and have made sure that my portfolio is spread among three different investment firms. Because I just flat out don't trust any one of them to have all of my money.

But bear in mind that these players are awfully young when they are handed HUGE amounts of money, and people are being soooo nice to them, and they promise this and that, and most young folks don't have the sophistication or maturity to fend off that sort of attention and scam artistry.

What surprised me most is that the Spurs' organization doesn't make institutional financial planners available to these players as part of their package. Maybe they do and players only use them for a portion of their assets.

Even Pop lost money on a restaurant, Bowen lost money on a spa business for his wife, Tony lost money on a bar business for his brothers, etc. etc. etc. Tim may lose money on his vehicle-outfitting business.

Basketball smarts don't translate into business smarts and vice-versa (see Cuban, Mark).


Translation, don't put it to work in ventures which you have little to no experience. Hell, a better investment would have been to buy a few houses and rent them out...with a management company handling all of the day to day business. That's gold Jerry, gold!

[unleashbaynes]

uhhh im pretty sure anybody with a lot of money has lost some in a bad investment somewhere.....not everything works out perfectly, but you stay rich by making mostly good imvestments.

[pgardn]

Athletes and physicians are the dumbest people about money. Basketball stars who make millions and millions, but somehow that is not enough. Instead of putting their money in safe investments or fairly low risk mutual funds, they invest in night clubs, hotels, and restaurants.

So true.
The God complex.

[Cane]

Forgery and lost $20 million? No wonder Duncan sold that "lake" house

Yikes

[SnakeBoy]

Damn that sucks for Tim but wtf was he doing giving so much money to a skeezy solo investor guy. Shit he could have gone with DRob's investment company.

[SnakeBoy]

Hopefully for Tim this was just that - a small percentage gone sour.

Net worth at $150M so he'll be fine, still $20M is a big chunk of money to lose.

[cjw]

Even Pop lost money on a restaurant, Bowen lost money on a spa business for his wife, Tony lost money on a bar business for his brothers, etc. etc. etc. Tim may lose money on his vehicle-outfitting business.

Basketball smarts don't translate into business smarts and vice-versa (see Cuban, Mark).

When you have money to the degree these guys do, it's perfectly reasonable to throw a small percentage at riskier ventures or at hobbies (wine, car shops, nightclubs in strip malls). The guys who run into trouble either spend big without ever seeing massive guaranteed contracts, spend ungodly sums or allocate way too high a percentage to "advisors". As a general rule of thumb, NBA players should put away $2-3 million for each person they have to support into less risky investments that will worst case spit off $100k of income in perpetuity. Won't live like kings, but at least provides a baseline.

And you're totally right on kids coming into the league and being preyed upon. Another argument in favor of age limits in the NBA and part of the freshman curriculum at every college should be personal financial management classes for athletes and non-athletes alike.

[EVAY]

Another argument in favor of age limits in the NBA and part of the freshman curriculum at every college should be personal financial management classes for athletes and non-athletes alike.

Totally agree.

[ploto]

That is the problem with private equity firms.

[boutons_deux]

That is the problem with private equity firms.

"the" problem ? there's lots of problems with p/e

[james evans]

after seeing ROCKY V about 25 years ago, if I were a millionaire, I wouldn't be trusting other people to invest for me. Felix Trinidad lost over $60 million having someone invest for him

[BatManu20]

664109781091749888