Charles Banks, an Atlanta-based advisor, is being sued by Tim Duncan for more than $1 million, according to My San Antonio.
Here’s what you need to know:
1. Banks is a Personal and Financial Advisor
My San Antonio describes Banks as “a longtime ‘personal and financial adviser.’ ”
2. Banks Put His Interests Over Duncan’s
From the lawsuit, according to My San Antonio
Banks also encouraged, promoted, hustled and advised Duncan to invest in several wineries and investment funds that he controls. Banks has used these wineries and funds to secure substantial income for himself, but they have yet to return much, if anything, to Duncan. Needless to say, Duncan would not have invested his family’s financial future in these wineries and funds if Banks had advised him that they would be operated for Banks’ benefit and to the detriment of Duncan and the other investors.
3. The Lawsuit is Over Fees Collected by Banks
KENS5 San Antonio reported that the lawsuit is over fines collected by Banks, to which Duncan didn’t agree.
Using his position, Banks instructed Gameday to withhold 20 percent of the amounts due Duncan under the Gameday Note as Banks’ “fee.” However, Banks did not, and does not, have any written authorization from Duncan allowing such withholding.
4. The Lawsuit States Duncan’s Signature Was Forged
According to KENS5, “The lawsuit also alleges that at least two documents related to Duncan’s relationship with Gameday were executed with a forgery of his signature.”
5. The Two Have Known Each Other Since 1998
KENS5 says the two have known each other since 1998, Duncan’s rookie year.