"Golf Channel Denies Prior Knowledge of Alleged Ponzi Scheme With Stanford"
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The Golf Channel said $5.9 million received from companies run by indicted financier R. Allen Stanford was for media services and not proceeds from an alleged Ponzi scheme as the receiver for Stanford’s businesses claims.
TGC LLC, known as the Golf Channel, said in response to the receiver’s lawsuit that it had no knowledge of what the government charges was a $7 billion fraud scheme. Golf Channel officials also threatened to counter-sue the receiver for $14.3 million for breach of contract if the judge presiding over Stanford’s civil fraud trial grants permission.
“The payments at the center of this case have nothing to do with a Ponzi scheme,’’ Theodore Daniel, the Golf Channel’s lawyer, said in papers filed yesterday in federal court in Dallas. Payments received from the Stanford Financial Group in 2007 and 2008 “were entirely legal’’ and the result of “arm’s- length, market-based, written contracts,’’ he said.
