18 Jan

Garnett sues accountant over $77M lost to wealth manager

first_imgNadal vs del Potro, Djokovic vs Nishikori in US Open semis Nadine Lustre’s phone stolen in Brazil Garnett’s attorney, Mark Gaughan, declined to say why Banks was not named as a defendant. Gaughan said that “based upon the facts, we are confident this matter ultimately will be resolved in Mr. Garnett’s favor.”The lawsuit claims Wertheim “took direction from Banks and for some reason chose to have virtually no contact with Garnett.”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.Wertheim also “worked in concert” with Banks to put Garnett on an allowance and set budgets that the 15-time NBA all-star was urged to follow, the suit read.Garnett retired with the Timberwolves in 2016.ADVERTISEMENT Sports Related Videospowered by AdSparcRead Next Ginebra beats Meralco again to capture PBA Governors’ Cup title Don’t miss out on the latest news and information. Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Gov’t to employ 6,000 displaced by Taal LATEST STORIES Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Allen Durham still determined to help Meralco win 1st PBA title MOST READ Japeth Aguilar embraces role, gets rewarded with Finals MVP plum Tim Cone, Ginebra set their sights on elusive All-Filipino crown The lawsuit contends Wertheim “possessed actual knowledge that Banks was helping himself to millions of dollars of Garnett’s money and did nothing about it.”“Banks intentionally … 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,” according to the lawsuit, which was initially filed in Hennepin County District Court and moved Wednesday to U.S. District Court in Minneapolis.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSTim Cone still willing to coach Gilas but admits decision won’t be ‘simple yes or no’Defense attorney Greg Simpson told the Star Tribune his clients deny the allegations and will “vigorously” fight the suit.Banks was not named as a defendant. Banks was sentenced last year to four years in federal prison for defrauding another former NBA star, retired San Antonio Spurs player Tim Duncan, of millions of dollars. In one of Duncan’s deals with Banks, Duncan said he was told Garnett would be a partner. FILE – In this May 6, 2008, file photo, Boston Celtics’ Kevin Garnett gestures to the crowd just before tipoff in Game 1 of an NBA Eastern Conference semifinal basketball series against the Cleveland Cavaliers in Boston. Kevin Garnett is suing an accountant and his firm, alleging they helped a wealth manager steal $77 million from the retired NBA star. (AP Photo/Winslow Townson, File)MINNEAPOLIS — Kevin Garnett is suing an accountant and his firm, alleging they helped a wealth manager steal $77 million from the retired Minnesota Timberwolves and Boston Celtics star.The federal malpractice lawsuit alleges Kentucky-based accountant Michael Wertheim and Welenken CPAs enabled Charles Banks IV of Atlanta to defraud Garnett through businesses in which Garnett and Banks shared an interest.ADVERTISEMENT Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew View commentslast_img read more