Tim Duncan Reflects on $25M Loss to Dishonest Adviser, Credits Long, Lucrative Career

Tim Duncan's financial betrayal and lessons.

by Nouman Rasool
Tim Duncan Reflects on $25M Loss to Dishonest Adviser, Credits Long, Lucrative Career
© Ronald Cortes/Getty Images

It was off the court, however, that the fundamentally sound basketball legend Tim Duncan encountered a nauseating financial foul by putting more than $25 million into the hands of one bad financial advisor. Everything started in 2015 when the cornerstone of the San Antonio Spurs realized that his investment adviser, Charles Banks, had seriously mismanaged his investments.

Feeling betrayed, Duncan filed a lawsuit against Banks to seek compensation for significant losses incurred. Despite the financial blow, Duncan maintained a remarkably stoic outlook on his condition. "Luckily, I had a long career and made good money," he said during legal proceedings.

Indeed, this is a big chunk, but it will not change my life in any way or make any decisions for me. Against that background, his resilience underlined the veneer of optimism about his financial stability that career earnings and other ventures had assured.

Duncan's Rude Awakening

The experience was a humbling lesson for Duncan, who expressed that the condition was a rude awakening. He is known to be a calm individual and trusts others, so this act of betrayal simply shook him off his core.

"I'm not a speech guy. I'm not going to go out and preach to people," he said in reflection. "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 life case ." With over $242 million in earnings over the course of his 19-year career, the $25 million loss, while huge, was not crippling.

In addition to NBA earnings, he also dabbled into business, more especially his BlackJack Speed Shop, where he went full throttle in 2013 with long-time business associate Jack Pena. An auto shop where car customization is done for the likes of car junkies and essentially represents Duncan's passion outside basketball.

Although this was a bad financial misstep, it has not deterred Duncan from continuing his pursuits both within and outside the sports arena. It stands as a testament to his robust financial acumen and his capacity to navigate challenges post his basketball career.