Allen Stanford Receiver Sues Tour, IMG, Toms

Bloomberg's Andrew Harris reports on a court-appointed receiver's attempt to recoup from Stanford Financial beneficiaries, including $13 million from the PGA Tour. Thanks to reader James for this:

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.

Toms was sued for $900,000 in CD profits and IMG $10.5 million to recoup sponsorship fees and expenses. 

The tour declined comment. 

For more from the Stanford files, there are past posts here, here and here.

Okay CD experts out there, what went on here?