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You may have lost money in your investment portfolio,
due to mismanagement and not even know it.

Spurs' Tim Duncan reportedly defrauded out of $20 million

It is very common for professional athletes to engage in different business ventures during the course of their careers. After all, for a large majority of them, their playing careers are very short considering that many professionals, who are not athletes, work in their industries for decades compared to athletes who may only play for five years or less.

Indeed, there are some athletes who play for more than a decade, and amass a fortune while doing so. Even still, the chance to take advantage of investment opportunities can pique a player’s interests. However, professional athletes are not immune from being defrauded by unscrupulous investors. 

A prime example is Tim Duncan, the future Hall of Fame power forward for the San Antonio Spurs. According to a recent ESPN.com report, Duncan has reportedly lost more than $20 million through the actions of a former financial advisor. He claims through a lawsuit filed in January that the advisor persuaded him into a number of bad investments over an eight year period. The investments apparently were caused Duncan to lose money while the advisor actually made money.

The advisor is also accused of holding Duncan’s return on a loan (ostensibly a hard money loan) where Duncan was supposed to make 20 percent on his money.  Naturally, the advisor explains (through his attorney) that Duncan has no claim on the advisor’s assets and that once the facts are laid bare there will no foundation supporting Duncan’s claims.

The story is another example of why it is important to have an attorney who is well versed in evaluating investors and advocating for you when you have been wronged.  

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