Kevin Garnett Sues Former Accountant for Allegedly Stealing $77 Million From Him

Kevin Garnett Sues Former Accountant for Allegedly Stealing $77 Million From Him

What would you do for those who came upon $77 million of your hard-earned money was lacking? In Kevin Garnett’s case, he’s pointing the finger at his former accountant.

Garnett has reportedly filed a malpractice lawsuit towards his former account Michael Wertheim, alongside together with his agency, Welenken CPAs, on allegations that they knowingly helped wealth supervisor Charles A. Banks IV steal roughly $77 million from him.

The lawsuit states that Wertheim “possessed precise information that Banks was serving to himself to hundreds of thousands of {dollars} of Garnett’s cash and did nothing about it.”

The swimsuit continues: “Banks deliberately … looted Garnett of his earnings and property for a few years, together with the numerous years that Welenken and Wertheim supplied accounting companies to Garnett and his enterprise pursuits.”

The swimsuit additionally says that Wertheim “took course from Banks and for some cause selected to have nearly no contact with Garnett.”

Oddly sufficient, though banks was the one who ran off with the cash, he wasn’t named as a defendant within the swimsuit.

Garnett’s legal professional, Mark Gaughan, declined to say why Banks wasn’t named within the swimsuit, nonetheless, Banks is being sued by Hammer Holdings, an organization that “counted Banks and Garnett as companions and that Banks allegedly used to steal from Garnett,” in response to the Minneapolis Star-Tribune.

The lawsuit alleged that Wertheim additionally “labored in live performance” with Banks to place Garnett on a strict allowance and set budgets that he was urged to observe.

In line with the swimsuit, when Garnett requested to withdraw $40,000 of his personal cash in 2013, Banks denied his request by way of e-mail implying that the 15-time NBA all-star couldn’t afford to.

“Kevin, I’ve all the data from the accountant and advised (and required cuts),” Banks wrote, in response to correspondence from Banks to Garnett that’s a part of the swimsuit. “This e-mail is simply meant to convey the chilly, onerous info, no opinion or judgement [sic]. It’s fairly ugly and going to be very tough, however you are able to do it and it’ll change your life perpetually (financially).”

The lawsuit states that Banks took round $2 million for himself round that point. The e-mail implying that Garnett’s funds had been in dire straits got here three years earlier than he retired in 2016.

In line with Enterprise Insider, Garnet earned $326 million over his profession, making him the highest-paid participant in NBA historical past on the time.

Michael Wertheim and Welenken CPAs deny the accusations of theft, and their protection legal professional Greg Simpson stated they “intend to vigorously defend themselves towards the allegations, deny any wrongdoing and imagine the swimsuit lacks advantage. They are going to be transferring to dismiss it at an early stage.”

Garnett’s legal professional stated that “based mostly upon the info, we’re assured this matter in the end can be resolved in Mr. Garnett’s favor.”

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