cloudyn.png
Wednesday December 11th, 2019 5:41AM

Garnett sues accountant over $77M lost to wealth manager

By The Associated Press

MINNEAPOLIS (AP) — 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.

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 with the Timberwolves in 2016.

  • Associated Categories: Associated Press (AP), AP Sports, AP Online Basketball, AP Entertainment, APOnline Celebrity News, AP Business, AP Online - Georgia News, AP Online Headlines - Georgia News, AP Sports - NBA
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Times' decision to publish anonymous column carries risks
New York Times' decision to publish anonymous Trump-bashing column carries risks
6:23PM ( 16 minutes ago )
Word detectives: Science may help finger opinion columnist
Word choice, especially the little overlooked words, could possibly help experts figure out who wrote New York Times' anonymous opinion piece
6:16PM ( 23 minutes ago )
'A horrific situation: 4 dead in Cincinnati bank shooting
Cincinnati police say a gunman carrying enough ammunition to cause "a bloodbath beyond imagination" killed three people and wounded two others at a high-rise office building in the heart of the city
6:13PM ( 26 minutes ago )
Associated Press (AP)
The Latest: Mike Bryan, Jack Sock advance in US Open doubles
The Latest: Mike Bryan, Jack Sock move into US Open men's doubles final
5:57PM ( 41 minutes ago )
Homeland Security head: Colorado tops US in vote security
Dozens of Colorado state and local elections officials are participating in cyber security and other exercises to reinforce the state's voting status as among the most secure in the nation ahead of the November midterm elections
5:50PM ( 49 minutes ago )
Ex-Browns LB Kendricks pleads guilty to insider trading
Former Cleveland Browns linebacker Mychal Kendricks has pleaded guilty to insider trading charges in a Philadelphia courtroom
5:47PM ( 52 minutes ago )
AP Sports
Political newcomer vs. senior senator in Delaware primary
A battle between Delaware's senior senator and an upstart challenger riding an antiestablishment wave within the Democratic Party highlights the state's primary elections
3:45PM ( 2 hours ago )
DeSantis, Gillum pick running mates for Florida governor
Republican U.S. Rep. Ron DeSantis and Democratic Tallahassee Mayor Andrew Gillum are introducing their running mates for Florida governor
1:28PM ( 5 hours ago )
4 dead, including gunman, in Cincinnati bank shooting
Police say four people are dead, including the gunman, in a downtown Cincinnati bank shooting
11:23AM ( 7 hours ago )
AP Online Basketball
Actor Terry Crews settles suit with agent he says groped him
Actor Terry Crews and agent Adam Venit have agreed to settle a lawsuit in which Crews alleged Venit groped him at a Hollywood party
5:33PM ( 1 hour ago )
Signs brand Miss America boss Gretchen Carlson as 'So Fake'
Signs appeared around Atlantic City Thursday criticizing Gretchen Carlson, the chairwoman of the Miss America Organization, as "so fake" and a bully hours before the second night of preliminary competition was to take place
5:06PM ( 1 hour ago )
US says North Korean charged in Sony hack, WannaCry attack
A computer programmer accused of working at the behest of the North Korean government has been charged in connection with several high-profile cyberattacks, including the Sony Pictures Entertainment hack and the WannaCry ransomware virus.
4:55PM ( 1 hour ago )
AP Entertainment
Tom Ford looks back on his career with leather and lace
Tom Ford looks back on his career in sensuous skirts and dresses with hard leather edges
12:04PM ( 6 hours ago )
Goop settles over claims its vaginal eggs have health perks
Gwyneth Paltrow's lifestyle company goop has agreed to pay $145,000 in civil penalties over products including egg-shaped stones that are meant to be inserted into the vagina to improve health
11:51AM ( 6 hours ago )
Bill Cosby faces lawsuit over unpaid legal fees
A former member of Bill Cosby's defense team is suing the 81-year-old comedian for more than $50,000 in unpaid legal fees
7:35PM ( 23 hours ago )
APOnline Celebrity News
Trump officials cry 'Not me!' as he fumes over Times article
President Donald Trump is lashing out against the anonymous senior official who wrote an opinion piece in The New York Times claiming to be part of a "resistance" working to thwart his most dangerous impulses
6:02PM ( 37 minutes ago )
Twitter permanently bans Alex Jones, Infowars citing abuse
Twitter is permanently banning conspiracy theorist Alex Jones and Infowars for abusive behavior
5:35PM ( 1 hour ago )
US stocks slip again as technology companies extend slump
US stocks slide for the third consecutive day as technology companies take big losses for the second day in a row
5:31PM ( 1 hour ago )
AP Business
AP Online - Georgia News
AP Online Headlines - Georgia News
The Latest: Isaiah Thomas says Franklin 'shifted the world'
The Latest: Former NBA star Isaiah Thomas eulogized Aretha Franklin as someone who offered her advice and friendship and someone who "shifted the universe."
5:04PM ( 6 days ago )
NBA player J.R. Smith charged with breaking fan's phone
NBA player J.R. Smith has been accused of breaking the cellphone of a fan who tried to take video of him in the middle of the night on a New York City street
4:13PM ( 6 days ago )
NBA star J.R. Smith charged with breaking fan's phone in NYC
NBA star J.R. Smith has been accused of breaking the cellphone of a fan who tried to videotape him in the middle of the night on a New York City street
3:51PM ( 6 days ago )
AP Sports - NBA
Word detectives: Science may help finger opinion columnist
Word choice, especially the little overlooked words, could possibly help experts figure out who wrote New York Times' anonymous opinion piece
6:16PM ( 23 minutes ago )
'A horrific situation: 4 dead in Cincinnati bank shooting
Cincinnati police say a gunman carrying enough ammunition to cause "a bloodbath beyond imagination" killed three people and wounded two others at a high-rise office building in the heart of the city
6:13PM ( 26 minutes ago )
Trump officials cry 'Not me!' as he fumes over Times article
President Donald Trump is lashing out against the anonymous senior official who wrote an opinion piece in The New York Times claiming to be part of a "resistance" working to thwart his most dangerous impulses
6:02PM ( 37 minutes ago )
Arlington Cemetery opens new section with Civil War burials
Arlington National Cemetery returned to its roots as a resting place for the Civil War dead with a burial Thursday of two unknown Union soldiers
6:01PM ( 38 minutes ago )
The Latest: Mike Bryan, Jack Sock advance in US Open doubles
The Latest: Mike Bryan, Jack Sock move into US Open men's doubles final
5:57PM ( 42 minutes ago )