Tim Duncan Files Lawsuit Against Former Financial Adviser: Details, Comments
San Antonio Spurs forward Tim Duncan has filed a second lawsuit against former financial adviser Charles Banks, claiming $1.1 million in losses on a failed cosmetics company.
According to an Associated Press report (via ESPN), Duncan alleges Banks falsely claimed the company, Le Metier de Beaute, was profitable when it was actually close to bankruptcy. Le Metier de Beaute has since shut its doors.
The suit claims Banks falsely represented the company and lied to Duncan when saying he and other investors would also be pitching in money, per Guillermo Contreras of the San Antonio Express-News. Duncan says he was told fellow NBA star Kevin Garnett would be among the investors.
This is the second lawsuit Duncan has filed against Banks this year. In January, he admitted to losing more than $20 million on investments Banks made on his behalf.
“Luckily I had a long career and made good money,” said Duncan told Scott Soshnick of Bloomberg. “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.”
That lawsuit claims Banks falsified documents in Duncan’s name and used him to fund a series of unscrupulous investments. He and Duncan had a longstanding financial relationship that lasted most of the future Hall of Famer’s career.
“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 Soshnick. “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.”
Banks has denied the allegations, saying the claims "lack foundation." Duncan is seeking millions from Banks in lost investments between the two cases.
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