Call for a Free Consultation
Moving Mountains On Your Behalf
View Our Practice Areas

NBA star's financial advisor accused of fraud

Basketball fans in Seattle may be familiar with former NBA player Tim Duncan, who earned millions of dollars over the 19 seasons he played for the San Antonio Spurs. On Sept. 9, U.S. prosecutors in Texas indicted a 49-year-old man who once advised Duncan on his finances for two counts of federal wire fraud.

Though the alleged victim of the wire fraud was only identified in the indictment by initials, Duncan's attorney stated that the initials referred to Duncan. Duncan's former financial advisor is accused of defrauding Duncan out of as much as $13 million in two financial transactions. The alleged fraud involved loans for $7.5 million and $6 million that Duncan authorized with his signatures. Duncan claims that he was misled about what he was signing, and he never meant to loan money to his financial advisor's businesses.

If the accused man is convicted, he could face up to 20 years behind bars for each count of fraud. In addition to the criminal complaint, the accused man is also facing a civil lawsuit that was filed by Duncan. The former NBA star said that he did not learn about the alleged fraud until he was arranging his finances during a 2013 divorce. The accused man claims that Duncan was given 'voluminous documentation" for all of his financial transactions.

People who work in fields like financial advising and accounting are sometimes falsely accused of mishandling their clients' funds. A professional who has been accused of wire fraud or another white collar crime may want to have representation from a criminal defense attorney. While authorities are investigating financial records, an attorney may be able to conduct a parallel investigation in order to gather evidence for a defense.

Source: Reuters, "Retired NBA star Duncan's ex-financial adviser charged with fraud," Jim Forsyth, Sept. 9, 2016

No Comments

Leave a comment
Comment Information

Contact Us for a Free Consultation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy