If you thought the tale of disgraced financier R. Allen Stanford couldn't get more complicated, think again.
This week, court-appointed receiver Ralph Janvey in Dallas, Texas, went after the PGA Tour for $13 million.
As you recall, Stanford was indicted in June 2009 on multiple counts that he operated a $7.2 billion Ponzi scheme on certificate of deposit investors in his Stanford International Bank in the Caribbean.
The complaint is against the tour for money paid to the tour by Stanford. Janvey contends the money paid to the tour was money stolen from Stanford’s investors in what federal prosecutors claim is a fraudulent CD scheme based out of Antigua.
“PGA did not provide reasonably equivalent value for the transfers of CD proceeds to it and cannot establish that it is a good faith transferee,” Janvey said in the filing.
David Toms and Vijay Singh (through IMG), both sponsored by Stanford, have also had writs filed against them for sums of $900,000 and $10.5 million, respectively, Bloomberg reports.
Singh remained loyal to Stanford even after his indictment, wearing the Stanford Financial logo without fee and offering to pay a half-million dollar bond for Stanford.
Stanford's Jan. 24 criminal trial in Houston, Texas, was delayed so that he could be weaned off anti-anxiety drugs.
Thousands of investors, including many in Mississippi, lost their life savings and retirement funds when the Stanford financial empire collapsed in early 2009 under the weight of an investigation by the U.S. Securities and Exchange Commission.
Four others – including Baldwyn native Laura Pendergest-Holt – face trial on similar charges after Stanford's prosecution.
James M. Davis, also of Baldwyn, was Stanford's chief operating officer and pleaded guilty to the charges in August 2009. He is expected to be the prosecution's chief witness, when trials begin.
He will not be sentenced until those proceedings are over.
... Watch this blog for more as it develops.
... patsy
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