Tim Duncan recoups $7.5 million from former adviser in settlement
Tim Duncan continues to rack up the victories even in retirement.
Duncan settled his lawsuit with his former financial adviser to the tune of $7.5 million, which allowed him to recoup some of the money he lost while being defrauded by Charles Banks.
Duncan’s attorney only looks at the settlement as a small win.
“I wouldn’t say this makes him whole,” Richard C. Danysh, one of Duncan’s attorneys, said via the San Antonio Express-News “But given the amount of time expended by Mr. Duncan and his lawyers and the courts, the amount of money spent chasing this fellow, and Mr. Banks’ statements that he doesn’t have any (more) money, it seemed like the wise thing to do — bring it to a conclusion.”
Duncan now is dropping two federal lawsuits he had filed against Banks.
Duncan met Banks in 1998 when the adviser was working for an investment firm. He had convinced Duncan to invest in a cosmetics company that lost money. He also convinced Duncan to loan $7.5 million to a company where Banks was a chairman and personally benefited from the loan.
In June, Banks was sentenced to four years in prison for wire fraud. Duncan only discovered the financial issues while diving assets during his divorce.
