Allen Stanford Receiver Sues PGA Tour, Seeking to Recoup $13 Million
PGA Tour Inc., the organizing body for professional golfers’ U.S. tournaments, was sued by indicted financier R. Allen Stanford’s court-appointed receiver and a group of his investors, seeking to recoup almost $13 million.
Ralph Janvey, the receiver, and the court-sanctioned investors’ committee said in a complaint filed today in federal court in Dallas that the PGA Tour received tainted money generated by an alleged $7 billion fraud scheme led by Stanford.
Stanford has repeatedly denied civil and criminal allegations that he sold certificates of deposit through Antigua-based Stanford International Bank Ltd. by misleading speculators about the nature of the CDs and their regulatory oversight.
“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 and the committee said in today’s filing.
James Cramer, a spokesman for the Ponte Vedra Beach, Florida-based PGA Tour, declined to comment.
This is the third golf-related lawsuit filed by the Stanford receivership this year as he and the committee seek to marshal assets to repay all of Stanford’s allegedly injured investors equally.
Toms, Singh
Professional player David Toms last month was targeted in a lawsuit seeking to recoup more than $900,000 he allegedly earned in CD profits. Days later, IMG Worldwide Inc., a management company for golfer Vijay Singh, was sued for $10.5 million that Janvey said was paid to it in sponsorship fees and expenses.
The receivership also sued the National Basketball Association’s Miami Heat franchise, seeking $1.3 million related to Stanford’s sponsorships, advertising and promotions.
The case is Ralph Janvey v. PGA Tour Inc., 11-cv-00226, U.S. District Court, Northern District of Texas (Dallas).
The SEC case is Securities and Exchange Commission v. Stanford International Bank Ltd., 09cv298, U.S. District Court, Northern District of Texas (Dallas). The criminal case is U.S. v. Stanford, 09cr342, U.S. District Court, Southern District of Texas (Houston).
To contact the reporter on this story: Andrew M. Harris in Chicago at aharris16@bloomberg.net.
To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net.
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