Kevin Garnett has filed a lawsuit against an accountant and his firm, alleging that they assisted a wealth manager in stealing $77 million from the retired Minnesota Timberwolves and Boston Celtics star.
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Kevin Garnett played in the NBA for 21 seasons, putting together an impressive career that established him as one of the league’s greatest players.
Garnett was well worth the huge salaries he received during his playing career, as he has firmly established himself as one of the best power forwards of all time.
He had a decorated career, earning 15 All-Star selections, an NBA title, a Defensive Player of the Year award, four All-NBA First Team nods, three All-NBA Second Team nods, two All-NBA Third Team nods, nine All-NBA Defensive First Team nods, and three All-NBA Defensive Second Team nods.
Garnett was a game-changing talent who made the most of himself right out of high school to establish himself as a first-ballot Hall of Fame candidate. Off the court, however, he made some mistakes that cost him $77 million.
Kevin Garnett claimed CPA plotted to defraud him of $77 million, with a man in prison for defrauding Tim Duncan
Many NBA players have struggled financially over the years. They have lost millions of dollars as a result of questionable decisions made off the court.
Garnett has accused his accountant of conspiring with Charles Banks IV. Banks is in prison for defrauding Tim Duncan of $77 million. His decision to surround himself with questionable individuals cost him a significant amount of money.
According to the Associated Press, Garnett filed a federal malpractice lawsuit. He alleged that his accountant and Welenken CPAs knowingly allowed Banks to siphon money from his accounts.
Banks was not named as a defendant because he was sentenced to four years in federal prison in 2017. He played a huge role in defrauding former San Antonio Spurs great Tim Duncan of millions of dollars.
According to the lawsuit, Wertheim had actual knowledge that Banks was laundering millions of dollars of Garnett’s money. Wertheim “followed Banks’ lead and, for some reason, chose to have little contact with Garnett.
Garnett’s team of attorneys dismissed the lawsuit against his former accountants nearly a year later, in July 2019. The decision came after the two reached an agreement that would eliminate the need for the lawsuit.
Regardless, it was a situation in which Garnett attempted to recoup the millions he had lost over the years. All of this was due to poor decision-making, which resulted in a significant financial loss on his part.
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