Spurs’ Tim Duncan allegedly schemed out of $25 million

The Sports Xchange

10 years ago

April 22, 2015; Los Angeles, CA, USA; San Antonio Spurs forward Tim Duncan (21) grabs a rebound against the Los Angeles Clippers during the second half in game two of the first round of the NBA Playoffs. at Staples Center. (Gary A. Vasquez-USA TODAY Sports)

San Antonio Spurs power forward Tim Duncan was allegedly schemed out of $25 million by longtime financial adviser Charles Banks.

Bloomberg reported the 18-year veteran and future Hall of Fame big man lost more than 10 percent of his career earnings.

“Luckily I had a long career and made good money,” Duncan said in the report. “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.”

Banks is facing a lawsuit that seeks damages of more than $1 million, including allegations that he kept 20 percent of a $7.5 million sports merchandising agreement without consent.

Duncan is weighing his on-court future this offseason. He signed a one-year deal to stay with the Spurs in July 2014 and made $10 million while appearing in his 15th All-Star Game.

Duncan divorced in 2013, when the financial questions first arose. Banks has denied wrongdoing.