Basketball Star Garnett Sues Accountant Over Loss of $77M to Wealth Manager

September 10, 2018

  • September 10, 2018 at 2:29 pm
    Agent says:
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    • September 10, 2018 at 3:10 pm
      Rosenblatt says:
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      yeah man … KG is such an idiot … he hired CPAs to handle his money and he did not gamble it away or burn through it by giving millions of dollars to his ‘friends’ or spend it all on drugs. what a dummy!

      • September 11, 2018 at 12:08 pm
        ??? says:
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        Normally he would be raving about how the white collar criminal should get what they deserve.. But since their client was a black famous athlete you get those type of comments.

    • September 11, 2018 at 8:50 am
      Fair Playing Field says:
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      I’m always thinking bad
      I never have nothing good to say
      I’d rather tear things down
      Than build them up

      It’s cool to hate
      It’s cool to hate
      I don’t like nothing and I like that fine
      Liking something’s just a waste of time

      – The Offspring

    • September 11, 2018 at 10:43 am
      rob says:
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      It’s “A fool and his money are soon PARTED,” genius. If you’re going to make an ignorant comment based on something you clearly know nothing about, at least get the saying right.

  • September 10, 2018 at 3:00 pm
    Jack King says:
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    Agent, funny statement but it doesn’t apply here. KG hired an accountant who didn’t do his job and verify the actions of Banks. Since the accountant was preparing Financial Statements, either he was in on it, or he didn’t verify how the numbers came about. For KG’s sake, I hope the accounting firm has a big Professional Liability policy.

  • September 11, 2018 at 1:16 pm
    precedent says:
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    Don Imus has one rule with his financial advisor: ” I sign every check.”

  • September 11, 2018 at 8:17 pm
    Craig Cornell says:
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    I have no idea whether Garnett is a smart guy, but this story just keeps on happening over the years with multiple celebrities.

    After Abdul Jabbar got fleeced many years ago after trusting one money manager, it became clear that every wealthy celebrity should do one simple thing:

    Hire 3 advisers. Have each manage 1/3 of your wealth. Pay them to look over the shoulder/audit/verify the work of the other two.

    • September 13, 2018 at 12:36 pm
      CL PM says:
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      Or, do what Randall Cunningham did. Put all his money in Treasuries and set it up that at intervals he would receive a payment. 100% protected his principal and earned plenty to support his desired lifestyle. Sure, might have earned higher returns elsewhere, but he knew he couldn’t play in that league. At least, this is what I heard him say in an interview several years ago.

    • September 17, 2018 at 4:07 pm
      Agent says:
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      Craig, we hear all the stories of professional athletes who retire wealthy, get mixed up with financial advisors that take them to the cleaners with poor advice and management and end up washing cars or getting into trouble. Nate Newton got caught with several kilos of weed in his car trunk and spent time in the big house.



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