LPGA Sponsor charged with massive fraud by the SEC
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Bill Jempty | Tuesday, February 17, 2009 |
Another tournament looks to be in trouble now. From AP-
NEW YORK – Federal regulators on Tuesday charged Texas financier R. Allen Stanford and three of his firms with a “massive” fraud that centered around high-interest-rate certificates of deposit, and raided some of the companies’ offices.
In a complaint filed in federal court in Dallas, the Securities and Exchange Commission alleged Stanford orchestrated a fraudulent investment scheme centered on an $8 billion CD program that promised “improbable and unsubstantiated high interest rates.”
Stanford’s assets, along with those of the three companies, were frozen. Stanford’s firms include Antigua-based Stanford International Bank, broker-dealer Stanford Group Co. and investment adviser Stanford Capital Management, which are both based in Houston.
If you don’t know, Stanford International sponsored the Aventura Florida LPGA event I covered as a member of the media last April. They were supposed to sponsor this year’s LPGA Tour Championship, the end event of the 2009 season. No word yet from the LPGA, but I expect to hear at least hopeful spin from the LPGA. Commissioner Carolyn Bivens sure knows how to pick some winners doesn’t she?
Is it too far a stretch to think the LPGA wish it had a mulligan so far as their past relationship with ADT goes? ADT’s sponsorship of the LPGA’s final event of the year came to an end last year.
Hat tip- Ryan at Waggle room
Update- I neglected to mention(or remember) Stanford also sponsors the PGA Tour stop in Memphis TN.
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