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Why Tim Duncan Will Play Until He’s 45 & Slap His Financial Advisor

You may’ve heard Gregg Povovich say, “People ask me about Tim Duncan and Manu Ginobili and myself for the last five years, what we’re going to do,” Popovich said. “It’s all psycho babble. I have no clue. We’ll probably come back. Paycheck is pretty good. You think I’m lying.” (NYSE: BAC)

He’s not lying, getting paid millions of dollars to play basketball even in your 40’s can’t be a bad thing. Duncan must definitely enjoy the paychecks coming in since his former Financial Advisor lost him about $20 million (dealt). If you think that hurts your feelings, imagine how the first person who gets screwed by a Robo-Advisor will feel. Example of Future scenario, the Headlines will read “Robo-Advisor loses $40 million of Jahlil Okafor’s retirement fund” “An Algorithm malfunction, and no one to answer the phone.” At least PersonalCapital has the solution to ‘no advisors to answer the phone’. But the point is – everyone should over-investigate a gazillion times prior to investing a ton of dough into anything these days. Duncan says, “Over the course of 17 years, I invested in a series of opportunities presented by Charles Banks, on his assurance that we were working together for my family’s long-term financial security,” Duncan said in a statement. “Banks exploited my good intentions and our relationship for his personal gain and my substantial loss. I’m saddened that my name will join the list of athletes to fall victim to this sort of misconduct.”

Duncan accused Banks of defrauding him through a $7.5 million loan to Gameday, a company Banks controlled, which subsequently obtained a $6 million bank loan with what Duncan alleged was his forged signature, the complaint stated.

“Recognizing that an athlete’s earning years are relatively limited, Duncan wanted to invest his earnings prudently and wisely in order to ensure a secure future for his family,” his lawyers wrote in the complaint.

“Banks also encouraged, promoted, hustled and advised Duncan to invest in several wineries and investment funds that he controls,” according to the complaint. “Banks has used these wineries and funds to secure substantial income for himself, but they have yet to return much, if anything, to Duncan.”

More and more athletes will start playing basketball into their mid forties and late forties within the next twenty years. Considering all the new treatments to rejuvenate your body, getting a huge paycheck added to your retirement, while still being an effective player on the court, will be some of the variables Tim considers to play for at least two to five years longer.

“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,” Mr. Duncan said in the interview, noting that he’s speaking out to dispel Mr. Banks’s assertions that the losses stemmed from a misunderstanding or that he was 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.”

“It is our understanding that Mr. Banks did not talk to or make any offers to Mr. Duncan’s attorneys the morning that Mr. Duncan filed his complaint against Mr. Banks,” Mr. Arreola said in the statement. “In fact, Mr. Banks found the legal action surprising because Mr. Duncan has no claim against Mr. Banks.

”The note specifically discussed in Mr. Duncan’s complaint is current, Mr. Duncan is receiving 12% interest on that note, and Mr. Duncan’s investments as a whole have performed well. We are confident that when all the facts are heard, it will be clear that the claims presented lack foundation.”

”We gave him the opportunity to follow through,” Mr. Duncan said. ”Nothing ever came of it. We had to move forward.”

Mr. Duncan said he won’t look back and castigate himself for failing to better protect his money. The NBA, he said, does a ”great job” of informing players of the potential pitfalls when it comes to their money.

”I thought, for the most part, I was keeping an eye on things. You have to have people checking on people checking on people. I did that for a while. Obviously, I got to a point where the people I trusted were checking on themselves,” said Mr. Duncan, a two-time Most Valuable Player who has won five championships with the Spurs. ”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 for it. I’m not mad at myself for that. That’s a lesson learned. I’ll never put myself in that situation again.”

“I’m not a speech guy. I’m not gonna go out and preach to people,” said Mr. Duncan, whose off-court ventures include BlackJack Speed Shop, an auto customization business with two locations in Texas. “I’m not going to go on a circuit trying to warn people.”

Even so, Mr. Duncan said he hoped his story would get “out there” “so that younger athletes can learn about the cautionary tale of an athlete who never thought it would happen to him.”

“I’m a loyal guy. I’m a man of my word, and I assumed other people would be that way,” Mr. Duncan said. “That’s just not the case in life.”