Business

Black sports stars who lost their fortunes to fraud schemes

Photo Credit: Keith Allison

Tim Duncan

Another NBA star on this list is Tim Duncan, widely rated as the greatest power forward of all time in NBA history. The five-time NBA Champion spent his entire 19-year professional career playing for the San Antonio Spurs. Duncan got scammed by a businessman Charles Banks, his financial adviser. According to the Bleacher Report, Duncan stated that misplaced trust in his financial adviser caused him to lose more than $20 million. As reported by Scott Soshnick of Bloomberg, the NBA star made about $220 million in his career.

“Luckily, I had long career and made good money. This loss is a big chunk, but it’s not going to change my life in anyway. It’s not going to make any decision for me,” Duncan said after losing some of his money to fraud. In 2017, a federal judge ordered Charles to pay $7.5 million to Duncan.

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Ben Ebuka

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