San Antonio Spurs legend Tim Duncan stated this week that misplaced trust in a financial adviser caused him to lose more than $20 million, but it won’t impact his decision-making process about whether to continue playing or retire. Scott Soshnick of Bloomberg notes the power forward has made around $220 million in salary throughout his career. He filed a lawsuit earlier in the year against the adviser, Charles Banks, on the basis of being pushed into bad investments because of conflicts of interest.
Duncan commented by saying it was due to someone he trusted, his Financial Adviser. At 39, he is saying that the loss won’t have a major impact on his life moving forward, though:
“Luckily I had a long career and made good money. This is a big chunk, but it’s not going to change my life in any way. It’s not going to make any decisions for me.”
He also talked about learning from the mistake:
“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. 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.