Leave a comment

Kevin Garnett’s former accounting firm is demanding his $77 million lawsuit be thrown out, arguing the allegations made by the NBA star should not be tried in Minnesota.

According to The Blast, earlier this month, “Garnett sued his Kentucky-based accounting firm, Welenken CPAs, and its partner, Michael A. Wertheim, accusing them of being aware that a third-party money manager, Charles Banks IV, stole $77 million from KG over the years and did nothing about it.”

The lawsuit – which is seeking damages in excess of $77 million – alleges “Banks intentionally and continuously 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.”

Banks was sentenced last year to four years in prison over allegations he defrauded NBA star Tim Duncan out of millions,” the report states, also noting that “on September 26, the accounting firm and Wertheim filed docs demanding Garnett’s case be dismissed.”

They state, “With prospects of recovery against Banks appearing dim, Garnett has turned his sights on Welenken and Wertheim. Putting aside the lack of substantive merit to plaintiff’s claims, no personal jurisdiction exists over Welenken CPAs and Wertheim in Minnesota.”

The firm says they were called by Banks to perform accounting services for him and Garnett.

Wertheim has never spoken to or communicated with Garnett in any way regarding” Garnett’s company with Banks. “In fact, Wertheim met Garnett briefly only once, at a basketball game in New York, and they did not discuss any business on that occasion.”

Welenken is demanding the entire case be dismissed, stating: “the allegations in this case have nothing to do with the services defendants were retained to, and did, provide to Garnett and his business. Instead, all of the claims relate to allegedly fraudulent transactions by Banks.”

The case remains ongoing.

PHOTO: PR Photos





Also On Black America Web:
Find Out What Your Fav Celebs Did On Instagram This Week (02/02-02/08)
10 photos

2 thoughts on “Kevin Garnett Sues Former Accounting Firm For $77M

  1. The recently disgraced Bill Cosby told Oprah Winfrey, on her TV show, on TV, before a live audience, sometime in the 80’s, “Always sign your own checks!” The discussion was on being poor then earning lotsa money as both Cosby and Winfrey had done. Cosby issued this suggestion when she questioned how to manage earnings when so much came so fast. The expression on her face was priceless. She clearly heard him. Wish Garnett had heard it.

Add Your Comment

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

&pubUrl=[PAGE_URL_ENCODED]&x=[WIDTH]&y=[HEIGHT]&vp_content=plembeddf3ixunshlvk&vp_template=3854" ]