14 September 2018

Kevin Garnett sues accountant


Michael A. Rueda
Partner | Head of US Sports and Entertainment | US

Retired basketball star Kevin Garnett is suing his accountant, Michael Wertheim, alleging that he helped wealth manager Charles Banks IV steal $77 million from Garnett. The lawsuit alleges that the Wertheim and his accounting firm defrauded Garnett through businesses which Garnett owned an interest. The lawsuit also alleges that Wertheim “possessed actual knowledge that Banks was helping himself to millions of dollars of Garnett's money and did nothing about it.” Banks was sentenced last year to four years in federal prison for defrauding another former NBA star, Tim Duncan, of millions of dollars. Wertheim was able to access Garnett's funds by acting as a registered agent for companies in which Garnett held a financial interest, and adding his name to bank accounts holding Garnett's money. Kevin Garnett has made the most career earnings of all time, bringing in $326 million.

For more information see http://www.espn.com/nba/story/_/id/24599178/kevin-garnett-sues-accountant-77m-lost-wealth-manager

This article was written with contributions from Tim Piscatelli.

Michael A. Rueda Partner | Head of US Sports and Entertainment | New York

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