A year after ex-financial advisor Charles A. Banks IV received a four-year prison sentence for defrauding retired NBA star Tim Duncan and was ordered to pay $7.5 million in restitution, fallout from the looting of clients by Banks and related parties continues.
This week, retired NBA star Kevin Garnett sued his former accountants for $77 million, saying they worked with Banks and a related party to commit fraud, according to report in the San Antonio Express-News.
(Duncan played for the San Antonio Spurs, while Garnett was on the Minnesota Timberwolves and Boston Celtics.)
The lawsuit, filed in Minnesota, names Welenken CPAs and accountant Michael A. Wertheim, who deny the allegations.
“This case involves the defendants’ complicity in enormous financial losses at the hands of (Garnett’s) long-term trusted wealth manager, confidant and personal friend, Charles A. Banks IV,” according to a copy of the lawsuit obtained by the paper.