Tim Duncan on losing $20M to financial advisor betrayal: "I'm a man of my word and assumed other people would be"
Tim Duncan is undoubtedly one of the most revered names in the NBA, especially when discussing the greatest power forwards of all time. The San Antonio Spurs legend was the perfect template, whether in terms of physical attributes, skill set, longevity or leadership.
Not the most vocal individual in public eyes, Duncan chose his words wisely. That said, he was among the key voices in the locker room and behind the scenes, something his teammates have attested to time and again — it's no surprise why he was a joy to coach for Gregg Popovich .
Duncan followed a simple, straightforward approach in life, steering clear of conflicts and controversies on most occasions. However, he could never have imagined that his honest and sincere ways would cost him over $20 million, courtesy of his financial advisor.
The Spurs legend sued Charles Banks for over $1 million, alleging faulty financial advice and vested personal interests in 2015.
"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," Duncan said .
"I'm not a speech guy. I'm not gonna go out and preach to people. I'm not going to go on a circuit trying to warn people... I'm a loyal guy. I'm a man of my word, and I assumed other people would be that way. That's just not the case in life," added the five-time champion, who hoped the younger generation of athletes could learn from his experience.
The court ruled in favor of Duncan
Cheated by one of his trusted aides, justice eventually prevailed for Duncan.
According to a 2017 ESPN report , Banks was sentenced to four years in federal prison for defrauding Tim of millions of dollars. The tainted financial advisor, who had pleaded guilty to wire fraud, was ordered to pay $7.5 million in restitution. Tim had urged the harshest form of punishment.
"Judge Biery, you may not understand how difficult it is for me to be in the public light in this horrible way: as the poster child for a dumb athlete whose financial adviser took his money. I hate it and am embarrassed by it more than you can imagine…" Duncan said before the court announced its sentence.
"My biggest fear is that you will give him a sentence that will allow him to go out into the world and tell everyone, as he has continued to do since his guilty plea, that he did not do anything wrong, and he proves it by having very little to no jail time. I respectfully ask you: Do not do that," he added.
Sadly enough, Duncan was not the only victim in this case, as Banks allegedly deceived Minnesota Timberwolves legend Kevin Garnett as well.
The $77 million loot
Garnett sued accountant Michael Wertheim and Welenken CPAs, alleging that the latter was well aware of Banks stealing but did nothing about it.
"Banks intentionally… looted Garnett of his earnings and assets for many years, including the many years that Welenken and Wertheim provided accounting services to Garnett and his business interests," stated the 2018 lawsuit, with the total sum amounting to $77 million.
Be it Garnett's or Duncan's case, one thing was sure: professional athletes could no longer blindly rely upon and needed to possess basic financial knowledge. Not to mention keeping tabs on all their dealings and seeking the necessary legal aid.
This story was originally published by Basketball Network on Jan 18, 2026, where it first appeared in the Off The Court section. Add Basketball Network as a Preferred Source by clicking here.
