Friday, June 26, 2009

Vijay's offer to bail out Stanford is turned down

The story of fallen financier Allen Stanford took a bizarre twist today when one of the US PGA Tour's top players, Vijay Singh offered to help pay the $500,000 bond which would allow Stanford - one of his sponsors - out on bail.
A federal magistrate rejected Vijay's offer on the grounds that Singh, a three-time major champion, is not a US citizen. He is in fact Fiji-born.
Prosecutors are appealing the decision to set bail for Stanford, who has pleaded not guilty to the charge of swindling investors out of $7 billion.
Singh has an endorsement deal with Stanford Financial reportedly worth $8 million. Although no longer being paid, Singh has continued to wear the Stanford logo on his visor and shirt.
He did not play in Memphis two weeks ago in a tournament previously sponsored by Stanford. He is in the field at this week's Travelers Championship.
"Vijay's opinion is that Stanford has yet to be proven guilty and until then has chosen to act supportively," said Dave Haggith, a spokesman at IMG, the management company that represents Singh.

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