Making millions and millions of dollars every year sounds like it would be amazing. And we're sure that, in a lot of ways, it is. But Tim Duncan is currently involved in a lawsuit that proves it's not always all that it's cracked up to be.
According to court documents, Duncan reportedly lost about $25 million over the course of his NBA career by dealing with a financial adviser named Charles Banks. Banks' lawyers have downplayed the allegations made against their client. But in a lawsuit that he filed against him earlier this year, Duncan claimed Banks pushed him to make a number of bad investments and, as a result, he said he lost a lot of money.
Fortunately, Duncan is going to be fine when it comes to his finances. He's made more than $200 million during his career and is probably going to play at least one more season in the NBA, meaning he'll recoup a portion of the $25 million he lost. But he learned a valuable lesson dealing with Banks.
"I thought, for the most part, I was keeping an eye on things," he told Bloomberg yesterday. "You have to have people checking on people checking on people. I did that for awhile. 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…I'll never put myself in that situation again."
Hopefully other pro athletes see this story and vow to do the same.
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[via Bloomberg]
