Tim Duncan Comments on Losing More Than $20M Due to Financial Adviser

Tim Daniels@TimDanielsBRFeatured ColumnistJune 18, 2015

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San Antonio Spurs legend Tim Duncan stated this week that misplaced trust in a financial adviser caused him to lose more than $20 million, but it won't impact his decision-making process about whether to continue playing or retire.  

Scott Soshnick of Bloomberg notes the power forward has made around $220 million in salary throughout his career. He filed a lawsuit earlier in the year against the adviser, Charles Banks, on the basis of being pushed into bad investments because of conflicts of interest.

Duncan, 39, told the outlet the loss won't have a major impact on his life moving forward, though: "Luckily I had a long career and made good money. 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."

He also talked about learning from the mistake:

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.

SAN ANTONIO - APRIL 24: Tim Duncan #21 of the San Antonio Spurs during the game against the Los Angeles Clippers during Game Three of the Western Conference Quarterfinals at the AT&T Center on April 24, 2015 in San Antonio, Texas. NOTE TO USER: User expre
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Bloomberg reached out to Banks' lawyer, Antroy Arreola, for comment, and he said his client was surprised by the lawsuit: "The note specifically discussed in Mr. Duncan's complaint is current, Mr. Duncan is receiving 12 percent interest on that note, and Mr. Duncan's investments as a whole have performed well. We are confident that when all the facts are heard, it will be clear that the claims presented lack foundation."

Regardless of how the situation plays out, Duncan told the outlet he's "not going to go on a circuit trying to warn people" about properly handling their finances. Knowing the quiet manner in which he's conducted himself throughout his career, that's not a surprise. He said hopefully the story gets out enough to educate others.

The main reason for the longtime Spurs superstar to return to the NBA next season isn't money—it's the fact he's still playing at an incredibly high level despite pushing 40. He averaged 13.9 points and 9.1 rebounds while playing less than 29 minutes per game to protect his health last season.

Duncan's career is in its twilight, but he can still provide San Antonio with another year or two of reliable post play unless he's simply tired of the grind and wants to walk away.

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