Charles Banks—Financial Mismanagement
Former NBA Legend Tim Duncan Allegedly Lost More than $20 Million under Broker Charles Banks
Tim Duncan is one of the greatest NBA players of all time. Unfortunately, things have apparently not gone as smoothly off the court.
Tim Duncan allegedly lost most than $20 million after trusting his hard-earned cash with financial adviser Charles Banks, according to a law suit filed against Banks.
Duncan sued his former financial adviser, Charles Banks, and also filed a second lawsuit which claimed that Banks compelled Duncan into purportedly risky investments resulting in huge financial losses, according to court documents from Texas.
Charles Banks Allegedly Coerced Tim Duncan to Invest into Various Entities in Which Banks Purportedly Held a Financial Stake; Banks Also Allegedly Defrauded Tim Duncan through a $7.5
Banks reportedly started working with Duncan as early as 1998. Banks allegedly convinced the man known as “the Big Fundamentals” to put his hard-earned cash into hotels, beauty products, wineries and sports merchandise, according to reports from the Lone Star State.
Unbeknownst to Duncan, however, Banks allegedly held a financial interest in the aforementioned entities, said reports note. In addition, Banks, a private-equity investor, also allegedly defrauded Duncan through a $7.5 million loan to Gameday, a company Banks purportedly controlled, said reports claim.
Finally, Gameday also took a $6 million bank loan with money that Duncan alleges was his forged signature, reports from Texas note.
The Peiffer Wolf Securities Lawyers Often Assist Investors
The Peiffer Wolf securities lawyers assist investors who lose money as a result of investment fraud. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud are encouraged to contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 504-523-2434.