Stanford Financial Services founder charged with fraud
The SEC has charged Robert Allen Stanford and three of his companies with "defrauding investors in an alleged $8 billion certificates of deposit scheme," according to MarketWatch.com.
Stanford's Houston offices were raided Tuesday morning, according to MSNBC.com, and a sign that reads "under the management of a receiver" now hangs on the front door.
Stanford Financial is the title sponsor of the PGA Tour's Stanford St. Jude Championship, won last season by Justin Leonard at TPC Southwind in Germantown, Tenn. The company is one of the founding partners of the AT&T National PGA Tour event, which is hosted by Tiger Woods. Last November, the company announced that it would become the title sponsor of the LPGA's new Tour Championship.
Vijay Singh, Camilo Villegas and Morgan Pressel, all of whom wear Stanford's logo on their shirts, were in Memphis in December when the company donated $2.57 million to the St. Jude Children’s Research Hospital to conclude 2008's Eagles for St. Jude program.