A well-respected financial investment company uses the slogan, “Talk to Chuck!”. After a lengthy court battle with his former financial advisor named Charles Banks, I don’t think that 41-year old NBA legend Tim Duncan will be talking to his ex-advisor named “Chuck” anytime soon.
On Wednesday, a San Antonio federal court sentenced Charles Banks, Duncan’s former financial advisor, to four years in prison and to pay restitution of $7.5 million to Duncan after he pleaded guilty to wire fraud. Over the course of his time working with Banks, Tim Duncan invested $21.4 million with him and has only $7 million remaining to show for it.
At a Tuesday court hearing, Duncan read a statement to the judge which revealed the same type of determined personality which he displayed during his 19-year NBA career (all with the San Antonio Spurs) which will carry him into basketball’s Hall-of-Fame. In the statement, Duncan said he prided himself on being not being the stereotypical dumb athlete that can easily be taken advantage of. He admitted later that he was fine with the sentence handed down for his former financial advisor.
To put this story in better context, Tim Duncan remains a rarity in the NBA. He actually played basketball for all four years in college and graduated with a degree in Psychology from Wake Forest University prior to becoming the NBA’s #1 overall draft pick in 1997. Some 20 years later, the 6’11” forward remains the last college graduate to be picked first in the annual NBA player selection draft. When Duncan was a college junior, he was asked why he chose to stay for his final year in college. Duncan replied, “I’m having fun in college…the money will be there.”
And it sure was! Duncan’s on-court earnings over his 19-year NBA career with the San Antonio Spurs were estimated at $224 million.
The NBA is filled with young men who have significantly less formal education than Duncan, and most of them have little or no experience regarding managing their long-term personal finances. The NBA has become a league of young millionaires. Would you believe that there were 415 (correct) NBA players who made $1 million or more during the past season? The chances to perpetrate financial fraud by shady opportunists such as Tim Duncan’s ex-advisor, Charles Banks, is increasingly high. The same thing goes for multi-million dollar players in major league baseball, football, and hockey leagues.
Tim Duncan remains one of my favorite NBA players. He was always a courteous interview and a rare sports star who didn’t seek the limelight. He was nicknamed “The Big Fundamental” by his peers for his repetitively precise shooting, rebounding, and shot blocking skills. Duncan won five NBA championship rings by blending into the Spurs’ team philosophy and trusting his coaches and teammates. Based on his personal nature, it isn’t a surprise that Duncan may have given his trust once he built a relationship with his former financial advisor.
Though investment fraudster Charles Banks may have gotten away with a rare “steal”, The Big Fundamental rebounded and ultimately prevailed to help put this shyster where he belongs – in jail.