Former Timberwolves star Kevin Garnett, once the NBA’s top-paid player, claims in a lawsuit that an accountant and his firm helped a now-imprisoned wealth manager steal $77 million from him.
The federal malpractice lawsuit alleges that Kentucky-based accountant Michael Wertheim and Welenken CPAs knowingly helped Charles A. Banks IV to defraud Garnett over several years through business ventures in which Garnett and Banks shared an interest.
Wertheim “possessed actual knowledge that Banks was helping himself to millions of dollars of Garnett’s money and did nothing about it,” according to the suit, which was moved Wednesday from Hennepin County District Court to U.S. District Court in Minneapolis.
“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.”
Defense attorney Greg Simpson said his clients “intend to vigorously defend themselves against the allegations, deny any wrongdoing and believe the suit lacks merit. They will be moving to dismiss it at an early stage.”
Garnett’s attorney, Mark Gaughan, would only say that “based upon the facts, we are confident this matter ultimately will be resolved in Mr. Garnett’s favor.”
aughan declined to say why Banks was not named as a defendant in the federal suit. However, Banks is being sued in Hennepin County by Hammer Holdings, a company that counted Banks and Garnett as partners and that Banks allegedly used to steal from Garnett.
Zeroing in on Wertheim’s alleged misdeeds, the suit said he “took direction from Banks and for some reason chose to have virtually no contact with Garnett.”
The suit said 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.
