Duncan Settles Suit With Ex-Financial Advisor

[BillMc]

http://www.espn.com/nba/story/_/id/22216004/tim-duncan-gets-75-million-ex-financial-adviser-fraud-settlement


SAN ANTONIO -- Retired San Antonio Spurs (http://www.espn.com/nba/team/_/name/sa/san-antonio-spurs) star Tim Duncan has agreed to accept $7.5 million to settle his lawsuits against a former financial adviser he accused of bilking him out of more than $20 million.The San Antonio Express-News reported (http://www.mysanantonio.com/news/local/article/Tim-Duncan-gets-back-7-5-million-in-settlement-12526295.php) the money is to come from restitution a judge ordered Charles Banks IV of Atlanta to make as part of his sentence in a criminal fraud case. Banks is appealing the four-year federal prison sentence assessed him last June for defrauding Duncan.
Banks had pleaded guilty last April to a wire fraud count.
Investigators say Banks manipulated Duncan into guaranteeing payment of a $6 million debt related to a merchandising business. Prosecutors say Banks failed to disclose commissions and loans he received in the deal.

[TheDoctor]

Tim Duncan always “winning” either inside or outside the Court.

[8FOR!3]

Is getting back 7.5/20 million really winning? I guess he’s probably tired of having to deal with the case and at least is getting a lot of money back

[exstatic]

Is getting back 7.5/20 million really winning? I guess he’s probably tired of having to deal with the case and at least is getting a lot of money back

That’s actually a pretty high recoup rate for fraud. Some people get back nothing at all.

[Seventyniner]

That’s actually a pretty high recoup rate for fraud. Some people get back nothing at all.

This. The rest of the money is probably long gone.

[8FOR!3]

That’s actually a pretty high recoup rate for fraud. Some people get back nothing at all.

I mean I’m sure you’re right it just seems shitty that’s a lot of stolen money

[bklynspursfan]

Timmy's image has sure changed since a year ago

April 2017 entering the court

http://ww2.hdnux.com/photos/71/00/16/14943109/17/1024x1024.jpg


January 2018 leaving the court

http://ww3.hdnux.com/photos/71/00/16/14943106/17/920x920.jpg

[LkrFan]

He still lost $12.5M? :lmao

[Raven]

Timmy's image has sure changed since a year ago

April 2017 entering the court

http://ww2.hdnux.com/photos/71/00/16/14943109/17/1024x1024.jpg


January 2018 leaving the court

http://ww3.hdnux.com/photos/71/00/16/14943106/17/920x920.jpg

Dayum, he looks great

[Raven]

He still lost $12.5M? :lmao

.... soooo how are the sells of those kobe sport drinks going?

[rastaspur]

"Has agreed to accept" is the key language. Its not the recoup rate.

Duncan essentially has a judgment on paper. He still has to collect on it. Hes not getting 6.5 million back. Guaranteed.

He will be lucky to get pennies on the dollar when all is said and done.

[Ice009]

"Has agreed to accept" is the key language. Its not the recoup rate.

Duncan essentially has a judgment on paper. He still has to collect on it. Hes not getting 6.5 million back. Guaranteed.

He will be lucky to get pennies on the dollar when all is said and done.

Why can't they make the guy try and pay it back over time? I have no idea how this stuff works, just asking.

[rastaspur]

He still lost $12.5M? :lmao

He lost 20 million.

You could come to my house and steal 20k. If i agree to accept 10k then i have still lost 20k.

The fact he has agreed to accept 7 million means nothing. All you can take away from that is duncan has already conceded to that number because the advisor doesnt have assets anywhere near satisfying a judgment of 20 mil.

[rastaspur]

Why can't they make the guy try and pay it back over time? I have no idea how this stuff works, just asking.

You can but it almost never happens.

How is this guy going to pay back 7 mil. Bet hes almost broke now. When he gets out of prison/jail he wont be able to land a decent paying job.

There is probably language in the plea deal which restricts him from handling other peoples money in a fiduciary capacity. In short, this guys future earning capacity will never put him in a position to pay this off.

[rastaspur]

Just read the my santonio article which has much more detail in it than the espn article.

He will definitely get the 7 million. These were monies paid into court. Most likely occured because prosecutors convinced the judge to freeze all of his accounts and have them paid into court. Prosecutors would have filed a bunch of restraining orders and a motion for receivorship of the monies and the judge granted and the monies ordered paid over to the applicable circuit/district clerks office.

Its a guaranteed pool of money. Good for duncan.

I bet he probably dropped 500k to a mil on attorneys fees to get this settled if he paid them hourly. Most likely its on a contigency fee structure and the attorneys will walk away with 35% to 45% of that 7 million

He is lucky to get anything back. Good for him.

[rastaspur]

That’s actually a pretty high recoup rate for fraud. Some people get back nothing at all.

It is. Luckily the advisor still had a little coin in his pocket.

[ElNono]

Is getting back 7.5/20 million really winning? I guess he’s probably tired of having to deal with the case and at least is getting a lot of money back

He only guaranteed payment on a $6m debt. The $20m is probably the money Banks made off of that forged loan.

[LkrFan]

Dayum, he looks great

Nah, he looks light $12.5M :lol

[Spurtacular]

Is getting back 7.5/20 million really winning? I guess he’s probably tired of having to deal with the case and at least is getting a lot of money back

Most people make one investment at one time or another in which they lose big, tbh. His millions just look like more is all.

[spurs10]

Something tells me Tim is doing alright! Glad he went after the bastard and got him convicted. His recent drive for hurricane victims tells us all we need to know about Mr. Duncan. (cue Muddy Waters “Mannish Boy” Bill....”ain’t that a man!”)
:hat

[BillMc]

Something tells me Tim is doing alright! Glad he went after the bastard and got him convicted. His recent drive for hurricane victims tells us all we need to know about Mr. Duncan. (cue Muddy Waters “Mannish Boy” Bill....”ain’t that a man!”)
:hat

:toast "Everythings gonna be all right this morning! Oh, yeah..."

[pgardn]

Nah, he looks light $12.5M :lol

It must be hell on you knowing soccer midget Messi puts Kobe and Tim in the same deprived financial sports category.
If that's what it's all about, Lakerfn loses again.