Spurs' Duncan: $20M loss won't influence choice
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.”
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 when the free agency period begins July 1.
Tony Parker told the San Antonio Express-News on Wednesday that he’s talked to both Duncan and Manu Ginobili, and he believes they’ll be back for one last ride.
“I think they’re both going to play one more year,” Parker told the paper. “I’m trying to be positive. … Now it’s their decision. It’s a very personal decision.”
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.”
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