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Author Topic: KG Sues Accountant For Theft of $77M in Wages  (Read 3885 times)

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KG Sues Accountant For Theft of $77M in Wages
« on: September 06, 2018, 08:53:12 PM »

Offline slightly biased bias fan

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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.
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #1 on: September 06, 2018, 09:03:08 PM »

Offline GreenEnvy

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How much money could KG have been making that it took $77M to realize something wasn’t right?!?
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #2 on: September 06, 2018, 09:04:31 PM »

Offline Ogaju

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I used to read this stories and wonder how these players get fleeced, but I see how it could happen now. Be careful what you do with financial advisors and the control they have over your money.
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #3 on: September 06, 2018, 09:58:36 PM »

Offline Chris22

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Never give anyone control of your money. Buy income property or index funds on your own.
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #4 on: September 06, 2018, 10:22:32 PM »

Offline CelticsElite

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Quote from: Chris22 on September 06, 2018, 09:58:36 PM
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
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #5 on: September 06, 2018, 10:43:20 PM »

Offline gouki88

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Ouch.
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #6 on: September 06, 2018, 10:59:07 PM »

Offline 86MaxwellSmart

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Comeback time.
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #7 on: September 06, 2018, 11:22:14 PM »

Offline ManUp

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I'm so tired of hearing about these guys getting screwed.

All he did was do his job to the best of his ability and trusted others to do the same.

It's one thing to gamble and mismanage it away, but to have it stolen away coming from where he's from is unfathomable.

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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #8 on: September 07, 2018, 12:18:42 AM »

Offline gouki88

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Quote from: 86MaxwellSmart on September 06, 2018, 10:59:07 PM
Comeback time.
I'm on board! Vet Min for the 42 year old ;) Teach RWill some toughness
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'23 Historical Draft: Orlando Magic.

PG: Terry Porter (90-91) / Steve Francis (00-01)
SG: Joe Dumars (92-93) / Jeff Hornacek (91-92) / Jerry Stackhouse (00-01)
SF: Brandon Roy (08-09) / Walter Davis (78-79)
PF: Terry Cummings (84-85) / Paul Millsap (15-16)
C: Chris Webber (00-01) / Ralph Sampson (83-84) / Andrew Bogut (09-10)
Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #9 on: September 07, 2018, 02:22:30 AM »

Offline Ogaju

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Quote from: CelticsElite on September 06, 2018, 10:22:32 PM
Quote from: Chris22 on September 06, 2018, 09:58:36 PM
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?
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #10 on: September 07, 2018, 07:27:04 AM »

Offline Redz

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What's $77 million amongst friends?
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #11 on: September 07, 2018, 08:02:06 AM »

Offline Forza Juventus

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This is why I'm afraid of winning the lottery. I have no idea who I would trust to advise me.
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #12 on: September 07, 2018, 08:26:04 AM »

Offline Chris22

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Quote from: Forza Juventus on September 07, 2018, 08:02:06 AM
This is why I'm afraid of winning the lottery. I have no idea who I would trust to advise me.

Buy the stocks that Buffett buys.
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #13 on: September 07, 2018, 09:09:55 AM »

Offline Moranis

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Quote from: Chris22 on September 07, 2018, 08:26:04 AM
Quote from: Forza Juventus on September 07, 2018, 08:02:06 AM
This is why I'm afraid of winning the lottery. I have no idea who I would trust to advise me.

Buy the stocks that Buffett buys.
Or just keep it in an interest bearing account if you are really concerned.
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Re: KG Sues Accountant For Theft of $77M in Wages
« Reply #14 on: September 07, 2018, 09:20:26 AM »

Offline SHAQATTACK

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77M !

kG should take that out of his rear end.
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