Tim Duncan got taken.
The San Antonio Spurs star – who is still on the fence about returning for next season – said he lost more than $20 million to what he called a dishonest financial adviser. Then he shrugged.
“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, refuting Charles Banks’ claims that the losses came from a misunderstanding or that Duncan had just gotten impatient and wanted out of certain 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 sued Banks back in January, for $1 million, accusing his former financial of pushing him into investments despite conflicts of interest that ended in huge losses. The complaint said Banks hid his own interest in investment opportunities that were recommended to Duncan.
The losses, spread over eight years from 2005-2013, turned up in a review of Duncan’s finances for his divorce. (In other words, in 2013, Duncan got divorced, found out he lost eight figures and dropped a heartbreaking NBA Finals in seven games to the Heat.)
Duncan claimed Banks tried to talk him out of filing the lawsuit, repeatedly promising to pay back the money but failing to follow through: “We gave him the opportunity to follow through. Nothing ever came of it. We had to move forward.’’
But Duncan added the $20 million loss won’t impact his decision whether to return for a 19th NBA season.
“Luckily I had a long career and made good money,” said the 39-year-old Duncan, who has been paid about $220 million over his career. “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.”
Big 3 compatriot Tony Parker expects Duncan — and Manu Ginobili — back for one last hurrah.
“I think they’re both going to play one more year,” Parker told the San Antonio Express-News on Wednesday.