Articles Tagged with Tim Duncan

Nearly a year after suing his former financial adviser for allegedly misappropriating $15M from him, Dallas Cowboys running back Darren McFadden is now suing Ameriprise Financial (AMP) over his investment losses. In his Texas securities fraud case, McFadden claims that the firm was negligent in supervising Michael Vick. The broker is not the same person as former NFL football player Michael Vick nor is he related to him.

Ameriprise started investigating Vick in 2010 because of suspect and unauthorized trades identified in McFadden’s account. However, contends the NFL player, he was never told of the probe or their concerns or that Vick was suspended months later.

McFadden claims that Ameriprise had multiple opportunities to stop the misappropriation of his funds yet took no such action. McFadden later followed Vick to another firm where the ex-financial adviser allegedly misappropriated even more money from him.

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Charles August Banks IV was arrested in San Antonio this week. Banks, is charged with two counts of wire fraud related to a $7.5M investment that former NBA basketball star Tim Duncan made with Gameday Entertainment, a sports merchandising company. Banks became Duncan’s financial adviser nearly two decades ago while working for CSI Capital management and he advised him for years.

Banks, now a renowned wine investor,  is  also facing a securities fraud lawsuit brought by the SEC. Although Duncan, formerly with the San Antonio Spurs, isn’t named specifically in the complaint, the regulator said that the case involves an ex-pro basketball player who was Banks’ client.

The SEC claims that Banks made material misrepresentations and omissions of key facts to the basketball player to persuade him to invest in Gameday.  Among the alleged misrepresentations:

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