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.
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.
Defense attorney Greg Simpson told the Star Tribune his clients deny the allegations and will “vigorously” fight the suit.