Tim Duncan slams ex-wife, ex-financial adviser in victim's statement

[TexasTowelie]

Tim Duncan asked a federal court Tuesday to properly sentence his former financial adviser, who allegedly defrauded the San Antonio Spurs legend out of millions of dollars.

"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 by having very little to no jail time," Duncan said of Charles Banks. "I respectfully ask you, do not do that. I promise you, that if he has any excuse to get back into this line of business, he will be out hustling and doing the same to others."

Duncan said he was embarrassed that Banks had swindled him out of money, and wanted to prevent other athletes from falling victim to a similar predicament.

"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," he said, adding that he experienced a "similar betrayal" by his ex-wife, who he paid off in their divorce.

Read more: http://www.mysanantonio.com/news/local/article/Tim-Duncan-slams-ex-wife-ex-financial-adviser-in-11252890.php

[exboyfil]

1. Maybe more information than I cared to have

about the ex-wife.

This situation does bring to mind why those with wealth, whether they are athletes or Bernie Madoff suckers, attempt to substantially beat the market in passive investments.

You have $6M purchase a 50% stock index fund and 50% bond index fund (or better yet the bonds themselves - U.S. and other stable countries). Why do you need more wealth?

Active investments is a little different matter, but it should be pursued with great care analyzing the risk/return. Always establish a basic low risk portfolio (see above) and then you have your mad money for restaurants, gyms, etc. realizing many of them completely blow away your investment. You have to want to do these things, and have some expertise in them.