Former Timberwolves Star Garnett Files Lawsuit Alleging He Was Defrauded
TMZ is reporting that Kevin Garnett is accusing his former accountant of pilfering $77 million from his $343 million career earnings.
Banks IV, the allegedly crooked wealth manager, is accused of committing the theft, but Kevin has filed a motion to include Wertheim in the lawsuit which is moment's away from heading to federal court in Minnesota.
Banks was not named as a defendant.
Banks is serving four years in prison after pleading guilty in 2017 to bilking former San Antonio Spurs center Tim Duncan of $6 million while acting as his financial advisor.
Garnett, 42, retired in 2016 after a 21-season career in the National Basketball Association which included spells with the Minnesota Timberwolves, Boston Celtics and Brooklyn Nets.
The suit said Wertheim had "actual knowledge that Banks was helping himself to millions of dollars of Garnett's money and did nothing about it".
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Michael Wertheim and Welenken CPAs denied the charges to the Associated Press, promising to "vigorously" fight the law suit.
Mark Gaughan, Garnett's attorney, would not say why the lawsuit did not target Banks as well. But the lawsuit claims "Wertheim was fully aware that three days before Garnett requested the $40,000.00, Banks had taken for himself $500,000.00 and eight days later took for himself $1,516,691.85, plus an additional $60,000.00 in management fees".
According to the lawsuit, Wertheim prepared financial statements, was a registered agent for companies in which Garnett held a financial interest, and added his name to bank accounts holding Garnett's money.
The Minneapolis Star-Tribune details an alleged arrangement in which Wertheim worked with Banks to put Garnett on a strict allowance of his own money. He retired as a member of the Timberwolves in 2016.
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