PGA Tour latest target for Stanford receivers 09/02/2011 |
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Receivers for Sir Allen Stanford's collapsed $7bn financial empire have widened their pursuit of sporting bodies, issuing a $13m writ against golf's PGA Tour.
It emerged last week that the receiver was considering legal action against the England & Wales Cricket Board to recover $3.5m received from its Twenty20 deal with Stanford as part of a strategy of pursuing recipients of sponsorship income from the Texan financier.
The receiver has already issued writs against Vijay Singh's former agent IMG worldwide, golfer David Toms and the Miami Heat NBA franchise
The Daily Telegraph reports that Ralph Janvey, the Stanford receiver, is claiming money paid to sporting bodies was "fraudulently transferred" from the proceeds of an illegal investment scheme, and that the sports companies did not provide "good value" for the payments, and cannot demonstrate they had received the money "in good faith".
Stanford is currently in custody awaiting trial in the United States charged with running an alleged $7bn "Ponzi" scheme based on the sale of certificates of deposit in his Antiguan-based Stanford International Bank. He denies the charges.
“The PGA did not provide reasonably equivalent value for the transfers of certificates of deposit proceeds to it and cannot establish that it is a good faith transferee,” Janvey said this week in a federal court in Dallas.
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