It appears a bird of prey may have devoured Tim Duncan‘s nest egg. An event so unsettling that it may force Duncan to settle into a 19th season with the San Antonio Spurs.
Via the Washington Post:
Tim Duncan may be back for a 19th season at power forward for the San Antonio Spurs. That decision is yet to be made, but one of the factors in his return will not be the $25 million he claims he lost to a financial adviser.
Duncan, 39, a five-time NBA champion and 15-time all-star with the Spurs, filed suit earlier this year against Charles Banks, his former financial adviser. The suit claims that Banks pushed him into investments despite conflicts of interest that caused Duncan losses.
Duncan claimed Banks hid his own interest in investments that he recommended to Duncan. Losses that were sustained from 2005-13, were uncovered in a review of his finances during Duncan’s divorce proceedings.
“Luckily I had a long career and made good money,” said Duncan, in a phone interview with 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.”
I don’t know Mr. Duncan, $25 million is a lot of money left off the table.