By Quenton S. Albertie
In a wild recent report, ESPN revealed former Boston Celtics star Kevin Garnett is suing an accountant for $77 million that he lost to a wealth manager.
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.
In 2017, Banks was sentenced to four years in prison and ordered to pay $7.5 million in restitution for defrauding former San Antonio Spurs star Tim Duncan. Per ESPN, “in one of Duncan’s deals with Banks, Duncan said he was told Garnett would be a partner.”
Garnett, who currently hosts TNT’s “Area 21,” spent 21 seasons in the NBA. Among many other accolades, he’s a 15-time All-Star, 2004 NBA MVP and 2008 Defensive Player of the Year who won a championship with the Celtics in...