NBA All-Star, Tim Duncan, sued his Atlanta-based financial advisor, Charles Banks, last month after alleging Banks advised him to purchase highly speculative investments which resulted in extreme losses. Banks acted as Duncan's financial advisor for over fifteen years. Duncan is claiming losses of $7.5 million. Duncan believes that Banks forged his signature on a $6 million bank loan. Additionally, Duncan claims that Banks advised him to invest in companies in which Banks held a personal interest and for which Banks received a direct financial benefit. Duncan expressed his disappointment and frustration in a news conference by saying, "I'm saddened that my name will join the list of athletes to fall victim to this sort of misconduct."
If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.
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