Former Timberwolves and Celtics star Kevin Garnett is suing an accountant and his firm for allegedly enabling wealth manager Charles Banks IV to steal $77 million from Garnett. According to the federal malpractice lawsuit, accountant Michael Wertheim and CPAs from his firm Welenken knew of Banks stealing from Garnett, and didn’t move to act on the theft.
The lawsuit claims that Wertheim and Welenken “possessed actual knowledge that Banks was helping himself to millions of dollars of Garnett’s money and did nothing about it,” according to The Associated Press.
Garnett may find himself in for a long legal battle, as defense attorney Greg Simpson told The Star Tribune that the lawsuit will be “vigorously” contested.
Banks, who is serving four years in prison for defrauding Tim Duncan of millions, wasn’t named in the lawsuit as a defendant. Garnett’s attorney didn’t say why Banks was left out of the lawsuit.
The lawsuit does mention Banks, saying that Banks “looted Garnett of his earnings and assets for many years, including the many years that Welenken and Wertheim provided accounting services to Garnett and his business interests,” via the AP.
Garnett, who played in the NBA for 20 seasons with the Timberwolves and Celtics, retired in 2016. He hosted TNT’s “Area 21” last season.
Courtesy: CBS Sports