KG Sues Accountant For Theft of $77M in Wages

[Redz]

This is why I'm afraid of winning the lottery. I have no idea who I would trust to advise me.

Just spend it all on scratch tickets

[Donoghus]

This is why I'm afraid of winning the lottery. I have no idea who I would trust to advise me.

Just spend it all on scratch tickets

Just bet it all on black. 

[johnnygreen]

This is why I'm afraid of winning the lottery. I have no idea who I would trust to advise me.

Just spend it all on scratch tickets

Just bet it all on black.

Antoine, is that you?

[Donoghus]

This is why I'm afraid of winning the lottery. I have no idea who I would trust to advise me.

Just spend it all on scratch tickets

Just bet it all on black.

Antoine, is that you?

The Antoine Walker School of Finance has taught some very important lessons.

[gift]

Never give anyone control of your money. Buy income property or index funds on your own.

i like income properties and index funds, but this is bad advice to suggest that everyone is corrupt. Having an accountant and certified financial planner is a necessity for multimillionaires. There’s nothing wrong with it

And if you can afford it, hire separate consultants to check up on the work that they are doing.

[RockinRyA]

Never give anyone control of your money. Buy income property or index funds on your own.

i like income properties and index funds, but this is bad advice to suggest that everyone is corrupt. Having an accountant and certified financial planner is a necessity for multimillionaires. There’s nothing wrong with it

How can you say there is nothing wrong with it in view of this thread?

Most often than not it is the better choice. Lots of people don't know how to manage their own money properly, nor can they track it accurately. Also, most of these rich guys are either busy with whatever made them rich in the first place, or out partying enjoying their riches. It can burn you out.

[Ogaju]

This is why I'm afraid of winning the lottery. I have no idea who I would trust to advise me.

lol.... you are joking, right?

[KG Living Legend]

 You can trust me bro.

[dreamgreen]

OMG that's a nightmare!

[Surferdad]

 You can trust me bro.

TP for that one bro.

[greece66]

Former Minnesota Timberwolves and Boston Celtics great Kevin Garnett filed a lawsuit—which moved to U.S. District Court in Minneapolis on Wednesday—alleging his accountant helped steal $77 million from him.

The Associated Press reported on the news, noting Garnett said accountant Michael Wertheim and Welenken CPAs assisted Charles Banks IV as he stole from Garnett through business. According to the lawsuit, Wertheim "possessed actual knowledge that Banks was helping himself to millions of dollars of Garnett's money and did nothing about it." Garnett's lawsuit alleges Wertheim was in constant contact with Banks and even worked with him to set allowances for the forward. In contrast, the accountant allegedly rarely ever reached out to Garnett.

While Banks isn't specifically named as a defendant in the lawsuit, his name may be familiar to NBA fans. The AP noted he was sentenced to four years in federal prison in 2017 after defrauding former San Antonio Spurs All-Star Tim Duncan out of millions of dollars.

This is a very interesting thread, TP. Having said this, since the text above is a verbatim quote of an article, it would have been better IMHO if it had come together with a link.

[byennie]

Never give anyone control of your money. Buy income property or index funds on your own.

i like income properties and index funds, but this is bad advice to suggest that everyone is corrupt. Having an accountant and certified financial planner is a necessity for multimillionaires. There’s nothing wrong with it

How can you say there is nothing wrong with it in view of this thread?

People get screwed in every profession. Life is going to be a pain if you rule out using mechanics, realtors, accountants, contractors, lawyers, friends, family, financial advisors...

It sucks what happened to KG, but the answer is not for people with 100MM+ in assets to manage it themselves vs a professional.

Go with a reputable firm, check references, learn enough to notice 77M in losses. Pay an independent accountant to audit the books once a year. It's sad what happened to KG and not his fault, but also easily preventable. Eschewing any professional help would almost definitely have cost him millions, too.