Wednesday, February 25, 2009

Stenson stands to lose a lot of money in

Stanford Financial bank account

Henrik Stenson, the Swede who is ranked No 6 in the world, has revealed that he is one of thousands of investors who have money frozen in a Stanford Financial bank account in Antigua. Stanford, which title-sponsors the US PGA Tour’s annual Memphis event and the LPGA’s season-ending tournament, was accused February 17 of an $8 billion investment fraud.
In the days since, investors around the world have been scrambling to determine the extent of the damage to their holdings.
Stenson signed a three-year endorsement contract with Stanford in June 2008. At about that time, he also transferred a considerable amount of his personal wealth into a Stanford bank account.
“Not all my money,” Stenson said of the amount he has invested at Stanford. “But I have quite a big part of my own savings and investments with them.”
Stenson’s agent, Johan Elliot at Sportyard, has been in contact with Stanford Financial representatives in Europe, but Stenson said they have been given few answers.
“I don’t know anything more than I read in the papers,” Stenson said. “So it’s obviously not a happy situation for a whole lot of people.”
According to another player agent who was approached by Stanford to sponsor two of his players, the Stanford sponsorship deals included putting money back into a newly opened Stanford Bank account, similar to what Stenson did as part of his deal.
However, Stenson took it to another level by investing his own money.
“I’ve heard some interesting stories, especially in the last few days with Stanford,” Trevor Immelman said when the Stanford news broke.
“A lot of guys had money with Stanford, so hopefully they can recoup that.”



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