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Monday, October 14, 2019

Retired NBA player Kevin Garnett alleges millions of earnings were 'looted,' files suit against Kentucky firm


By Noddy A. Fernandez | Sep 11, 2018

MINNEAPOLIS (Legal Newsline) – A retired basketball player who starred for the Minnesota Timberwolves before helping the Boston Celtics win an NBA championship in 2008 alleges a Kentucky accounting firm misappropriated millions of his funds.

Kevin Garnett filed a complaint Aug. 14 in the Minnesota Fourth Judicial District Court - Hennepin County against Welenken CPAs and Michael A. Wertheim alleging professional malpractice, negligence and other counts.

According to the complaint, in June 2017, the plaintiff's wealth manager Charles A. Banks IV was sentenced to federal prison for admittedly defrauding another client. In August 2017, after gaining access to defendants' records through his counsel, Garnett alleges he discovered Banks "looted" his earnings and assets for many years, "including the many years that Welenken and Wertheim provided accounting services to his business interests."

"Wertheim not only failed to inform Garrett that millions upon millions of his dollars were being looted by Banks, but he actually worked in complicity with Banks to conceal this activity," the suit states.

The plaintiff holds Welenken CPAs and Michael A. Wertheim responsible because the defendants allegedly deviated from the applicable standard of care and violated fiduciary duties owed to him.

The plaintiff and seeks judgment for money damages to exceed $77 million, together with prejudgment interest at the statutory rate, attorney's fees, costs incurred, and for such other and further relief as the court deems just and proper. He is represented by Mark F. Gaughan of Erickson, Bell, Beck & Quinn PA in Roseville, Minnesota, and Richard C. Ebeling of Lanza Reich & Daniel in New York.

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Organizations in this Story

Erickson, Bell, Beckman & Quinn, PA Hennepin County

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