Garnett suing accountant for alleged loss of $77M to wealth manager

Retired superstar Kevin Garnett is suing accountant Michael Wertheim and his firm, Welenken CPAs, for allegedly helping former financial advisor Charles Banks IV defraud the 2004 NBA MVP out of $77 million over several years of service, according to the Star Tribune's Paul Walsh.

"Banks intentionally ... 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," the lawsuit filed to the U.S. District Court in Minneapolis says.

Defense attorney Greg Simpson said Wertheim will "vigorously" fight the lawsuit, according to Walsh.

The suit alleges that Wertheim worked with Banks to put Garnett on budgets that he was "urged to follow," and says the accountant had virtually no contact with the 15-time All-Star, Walsh adds.

Banks was not named in the suit but is currently serving four years in federal prison after he pleaded guilty last year to defrauding retired San Antonio Spurs superstar Tim Duncan out of millions of dollars.