Printer-friendly copy Email this topic to a friend
Lobby Okay Sports topic #2457930

Subject: ""What's $20 mil to a mf-er like me?" - Timmay" Previous topic | Next topic
Cocobrotha2
Charter member
10884 posts
Thu Jun-18-15 09:53 AM

Click to send email to this author Click to send private message to this authorClick to view this author's profileClick to add this author to your buddy list
""What's $20 mil to a mf-er like me?" - Timmay"


          

I aspire to his level of un-bothered-ness.

Wife cheats? Hires a P.I., wins another ring
Loses 20 mil to a investment manager? "Ehh, I've got 200 more"

http://espn.go.com/nba/story/_/id/13105201/tim-duncan-san-antonio-spurs-alleges-lost-more-20-million-financial-adviser

Tim Duncan says $20M loss won't influence decision to return
ESPN.com news services

Tim Duncan alleges that he has lost more than $20 million to a former financial adviser, but the 15-time All-Star said it won't influence his decision as to whether or not he returns to the San Antonio Spurs next season, according to a report.

"Luckily I had a long career and made good money," Duncan told Bloomberg.com in an interview published Wednesday. "This is a big chunk, but it's not going to change my life in any way. It's not going to make any decisions for me."

Tim Duncan alleges that a former financial adviser lost nearly $20 million of his money. "I trusted someone. I was wrong about it. I got screwed over for it," Duncan told Bloomberg.com. "I'm not mad at myself for that."

The losses amount to more than 15 percent of his after-tax career earnings. The five-time NBA champion, who averaged 13.9 points and 9.1 rebounds this season, turned 39 in April and has yet to announce if he'll return for a 19th NBA season. His contract expires on June 30.

Duncan filed a lawsuit in January contending that a series of investments from 2005 to 2013 enriched Charles Banks but were losing propositions for the two-time NBA MVP, including Banks secretly withholding 20 percent of the return on Duncan's loan -- approximately $7.5 million -- to Gameday Entertainment, for which Banks serves as chairman.

The suit also alleges that Duncan's signature was forged on at least two investment documents.

Duncan, who has made nearly $220 million over his career, discovered the discrepancies last year while accounting for his assets as part of financial filings as part of his divorce.

"I trusted someone to do a job that I hired them to do and they misused my trust and went astray and started using my money," Duncan told Bloomberg.com. "... I thought, for the most part, I was keeping an eye on things. You have to have people checking on people checking on people. I did that for a while. Obviously, I got to a point where the people I trusted were checking on themselves.

"The bottom line is this: You can't be angry at yourself. I keep going back to this word, but I trusted someone. I was wrong about it. I got screwed over for it. I'm not mad at myself for that. That's a lesson learned. I'll never put myself in that situation again."

Banks' attorney, Antroy Arreola, told Bloomberg.com that Duncan "has no claim against Mr. Banks" and that "when all the facts are heard, it will be clear that the claims presented lack foundation."

Banks said in January that Duncan had become impatient and was trying to get out of their limited partnership investments.

"I want people to understand that the statements he made are absolutely incorrect, that he's just trying to make himself look good and save his own image when there's nothing there to save," Duncan told Bloomberg.com.

"I'm a loyal guy. I'm a man of my word, and I assumed other people would be that way. That's just not the case in life."

<-><-><-><-><-><-><-><-><->
<-><-><-><-><-><-><-><-><->

  

Printer-friendly copy | Reply | Reply with quote | Top


Topic Outline
Subject Author Message Date ID
Savior of the NBA. Praise him.
Jun 18th 2015
1

Dr Claw
Member since Jun 25th 2003
132214 posts
Thu Jun-18-15 10:09 AM

Click to send email to this author Click to send private message to this authorClick to view this author's profileClick to add this author to your buddy listClick to send message via AOL IM
1. "Savior of the NBA. Praise him."
In response to Reply # 0


  

          

  

Printer-friendly copy | Reply | Reply with quote | Top

Lobby Okay Sports topic #2457930 Previous topic | Next topic
Powered by DCForum+ Version 1.25
Copyright © DCScripts.com