Saturday, February 7, 2015

NBA Star Tim Duncan Claims Financial Advisor Cheated Him Out of Millions

San Antonio Spurs basketball star Tim Duncan claims he should be added to the long list of professional athletes who have been swindled out of millions of dollars in bad business deals. Duncan has filed a lawsuit against his former financial advisor, claiming, among other things, that the advisor persuaded him to loan $7.5 million to Gameday Entertainment, LLC, but the financial advisor took 20 percent as a fee without Duncan's consent.  Various news outlets have reported that Duncan's losses from all the bad business deals could amount to more than $20 million. 

My question for Duncan and other athletes in this position is this -- why didn't you hire an accountant to verify the information being reported by the financial advisor?   Professional athletes need a team off the court as well.  

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