«Breaking News» Kevin Garnett sues accountant over $77M lost to wealth manager

Kevin Garnett is suing an accountant and his firm, alleging they helped a wealth manager steal $77 million from his NBA fortune.

The retired Minnesota Timberwolves and Boston Celtics star alleges in a federal malpractice lawsuit that 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.

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.'

Basketball: Kevin Garnett (above in 2008)  has filed a federal malpractice lawsuit against Kentucky-based accountant Michael Wertheim and Welenken CPAs 

'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'

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.

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  in 2016 as a member of the Timberwloves after amassing $334 million in career earnings.

Link hienalouca.com

https://hienalouca.com/2018/09/07/kevin-garnett-sues-accountant-over-77m-lost-to-wealth-manager/
Main photo article Kevin Garnett is suing an accountant and his firm, alleging they helped a wealth manager steal $77 million from his NBA fortune.
The retired Minnesota Timberwolves and Boston Celtics star alleges in a federal malpractice lawsuit that Kentucky-based accountant Michael Wertheim and Welenken CPAs...

It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.

Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.

Dianne Reeves US News HienaLouca





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