Kevin Garnett alleges a wealth manager stole $77M from him - Bring Me The News

Kevin Garnett alleges a wealth manager stole $77M from him

The Wolves legend is suing his accountants for allowing it to happen.
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Kevin Garnett has filed a lawsuit against his former accountant, who he claims allowed a wealth manager to take $77 million-worth of his money.

The Timberwolves legend, who earned more than $330 million over the course of his illustrious career, filed a suit initially in a Minnesota district court, before it was shifted to federal court by lawyers for accountant Michael Wertheim and his company, Welenken CPAs.

According to the Boston Globe, Garnett realized he had lost the massive sum in 2017, when his former wealth manager, Charles Augustus Banks IV, was sentenced to serve three years in prison for stealing from NBA star Tim Duncan.

Garnett had invested tens of millions of dollars into investment accounts, including $57 million into one called Hammer Holdings LLC, which Banks would withdraw money from to fund his own lavish lifestyle, including hiring private jets and paying for vacations.

He also invested it in a series of failed projects, including a restaurant, winery, coastal properties and a hotel fund.

The suit alleges that Wertheim and CPAs at his firm were aware of what Banks was doing, and did not act to stop it.

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But defense attorney Greg Simpson said in a statement to BMTN that Wertheim and Welenken had no knowledge and rejected the claims in the suit.

"My clients intend to vigorously defend themselves against the allegations in the complaint," he said. "They deny any wrongdoing and believe the suit lacks merit. They will be moving to dismiss it at an early stage."

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