Spurs star Duncan sues financial adviser for fraud in Texas court
By Jim Forsyth
SAN ANTONIO (Reuters) - NBA superstar Tim Duncan has filed a lawsuit seeking at least $1 million in damages against a longtime friend and financial adviser the basketball player says cheated him in his investments.
The lawsuit was filed on Thursday in a Texas court against Atlanta businessman Charles Banks, who Duncan said he met during his 1997-98 rookie season in the NBA with the San Antonio Spurs.
A source close to the case told Reuters that Duncan's total investment with Banks was in excess of $20 million.
"Banks breached these duties by placing his own interests above those of Duncan, by failing to fully, fairly, and honestly disclose the nature of the various investments that he encouraged and advised Duncan to make and by otherwise engaging in self-dealing to his benefit and Duncan's detriment," the lawsuit said.
Banks was not immediately available for comment.
The lawsuit said Banks invested millions of dollars from Duncan in an array of industries, including hotels, beauty products, sports merchandise and wine.
Duncan says his biggest investment, of $7.5 million, was in a company called Gameday, which Banks headed.
Without Duncan's authorization, the lawsuit says, Banks withheld for himself 20 percent of the money that was due to Duncan from Gameday. Continued...