Kevin Garnett suing accountant over loss of $77 million
Kevin Garnett is suing an accountant and his firm over the NBA player’s loss of $77 million.
Garnett was defrauded of $77 million by Charles A. Banks, the same man who settled lawsuits with Tim Duncan for $7.5 million. Banks is serving four years in prison for his crimes.
According to the Star Tribune’s Paul Walsh, Garnett accuses Michael Wertheim and Welenken CPAs of knowing that Banks was “helping himself to millions of dollars” without doing anything about it. The suit, which was filed on Wednesday, alleges that Wertheim “took direction from Banks.”
The suit says Garnett invested millions of his money into a holdings company in which Banks also supposedly invested his money. The suit alleges that Garnett put in about $15 million of his own money into the company and that Banks took out about $11 million of it in loans, with Wertheim supposedly being “fully aware” of the development.
The Star Tribune says that in addition to this lawsuit, Garnett recently filed for divorce from his wife of 14 years. His wife Brandi filed a divorce petition in California and wants the divorce to be handled in that state.
According to Basketball-Reference.com, Garnett’s career earnings totaled nearly $344 million.
