STANFORD COLLAPSE RECEIVER SUES USPGA FOR $13 MILLION

FROM THE DAILY TELEGRAPH WEBSITE
By PAUL KELSO, Chief Sports Reporter
Receivers for Sir Allen Stanford's collapsed $7bn financial empire have widened their pursuit of sporting bodies, issuing a $13m writ against the US PGA Tour.
Last week the Telegraph disclosed that the receiver was considering legal action against the ECB (English Cricket Board) to recover $3.5m in "ill-gotten gains" received from its Twenty20 deal with Stanford as part of a strategy of pursuing recipients of sponsorship income from the Texan financier.
The receiver has aready issued writs against Vijay Singh's former agent IMG worldwide, golfer David Toms and the Miami Heat NBA franchise
Ralph Janvey, the Stanford receiver, is claiming money paid to sporting bodies was "fraudulently transferred" from the proceeds of an illegal investment scheme, and the sports companies did not provide "good value" for the payments, and cannot demonstrate they had received the money "in good faith."
Stanford is currently in custody awaiting trial in the United States, charged with running an alleged $7 billion "Ponzi" scheme based on the sale of certificates of deposit in his Antiguan-based Stanford International Bank. He denies the charges.
“(The US) PGA (Tour) did not provide reasonably equivalent value for the transfers of certificates of deposit proceeds to it and cannot establish that it is a good faith transferee,” Janvey said yesterday in a federal court in Dallas.
The ECB struck a $100 million sponsorship deal with Stanford in in 2008 for a series of Twenty20 matches against his Superstars XI. ECB officials are understood to be confident that they are able to defend any action action brought by the receiver via the American courts.
“We will not have to repay a single penny of this money,” a senior ECB source told the Telegraph. “The ECB has acted properly throughout its dealing with Stanford and the US courts have no jurisdiction here. It is a joke.”