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Kevin Garnett accused his accountant of conspiring to allow the same man in prison for defrauding Tim Duncan for stealing $ 77 million.
<p class = "canvas-atom-text-canvas Mb (1.0em) Mb (0) – smt Mt (0.8em) – sm" type = "text" content = "The Associated Press reports that Garnett has filed a Federal malpractice lawsuit against his accountant Michael Wertheim and Welenken CPAs knowingly allowed wealth manager Charles Banks IV to siphon money from his accounts."data-reactid =" 23 "> The Associated Press reports that Garnett has filed a federal malpractice lawsuit against his accountant Michael Wertheim and Welenken CPAs knowingly allowed wealth manager Charles Banks IV to siphon money from his accounts.
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – smt Mt (0.8em) – sm" type = "text" content = "Wertheim "had real knowledge that Banks was making millions of dollars in Garnett's money and did nothing about it," says the suit. Wertheim "took over Banks and, for some reason, chose to barely get in touch with Garnett.""data-reactid =" 24 ">Wertheim "had real knowledge that Banks was making millions of dollars in Garnett's money and did nothing about it," says the suit. Wertheim "took over Banks and, for some reason, chose to barely get in touch with Garnett."
Banks serving 4 years after pleading guilty in Duncan case
<p class = "canvas-atom-text-canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Four years in prison after pleading guilty in 2017 to # 39; old San Antonio Spurs Center Tim Duncan $ 6 Million while acting as his financial advisor. Duncan was told that Garnett would be a partner in his dealings with Banks. "Data-reactid =" 26 "> Banks is serving four years in prison after pleading guilty in 2017 to the operation of the former San Antonio Spurs center Tim Duncan while acting as his financial advisor, Duncan was informed that Garnett would be a partner in his dealings with Banks.
At the time, Duncan's lawyer told Yahoo Sports that Duncan's goal in his lawsuit was to prevent Banks from defrauding other athletes.
<p class = "canvas-atom text-Mb Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The banks are not named in the process. Mark Gaughan declined to explain why the trial was only about Michael Wertheim and Welenken's CPA."data-reactid =" 28 "> Banks are not named in the lawsuit Garnett's lawyer Mark Gaughan declined to explain why the trial was only about Michael Wertheim and Welenken's CPA.
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – smt Mt (0.8em) – sm" type = "text" content = ""Banks have intentionally robbed Garnett of his profits and assets for many years, including the many years Welenken and Wertheim provided accounting services to Garnett and his business interests," the lawsuit says. . "data-reactid =" 29 ">"Banks have intentionally robbed Garnett of his profits and assets for many years, including the many years Welenken and Wertheim provided accounting services to Garnett and his business interests," the lawsuit says. .
Trial: Garnett in strict compensation, refused his own money
The Minneapolis Star-Tribune details an alleged arrangement in which Wertheim worked with Banks to place Garnett on a strict allocation of his own money.
According to the lawsuit, as documented by The Tribune, Banks rejected Garnett's request for $ 40,000 in a 2013 email to Garnett suggesting that his finances were in a desperate situation.
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – smt Mt (0.8em) – sm" type = "text" content = ""Kevin, I have all the information from the accountant and suggested (and the necessary cuts)," Banks wrote, according to Banks' correspondence with Garnett who is part of the lawsuit. "This e-mail is simply intended to convey the cold, the facts, no opinion or judgment [sic]. It's very ugly and it's going to be very difficult, but you can do it and it will change your life forever (financially)."data-reactid =" 33 ">"Kevin, I have all the information from the accountant and suggested (and the necessary cuts)," Banks wrote, according to Banks' correspondence with Garnett who is part of the lawsuit. "This e-mail is simply intended to convey the cold, the facts, no opinion or judgment [sic]. It's very ugly and it's going to be very difficult, but you can do it and it will change your life forever (financially).
The lawsuit says Banks took about $ 2 million for himself at about the same time.
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – smt Mt (0.8em) – sm" type = "text" content = "Michael Wertheim and Welenken CPAs have denied the charges to the Associated Press, promising to "fight vigorously" against the lawsuit. "data-reactid =" 35 ">Michael Wertheim and Welenken CPAs have denied the charges to the Associated Press, promising to "fight vigorously" against the lawsuit.
Garnett retired in 2016. The 15th All-Star earned $ 326 million during his career, making him the highest paid player in NBA history at the time, according to Business Insider.
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – smt Mt (0.8em) – sm" type = "text" content = "More from Yahoo Sports:
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