Golf sponsor Stanford Financial accused of massive fraud

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Federal officials raided the Houston offices of Stanford Financial Group on Tuesday and accused the companys chief, Robert Allen Stanford, of conducting a massive ongoing fraud in the sale of about $8 billion in high-yielding certificates of deposit, The New York Times reported.
 
Stanford is the title sponsor of the PGA Tours Memphis, Tenn., stop and of the LPGA's season-ending Tour Championship. Stanford also has extensive sponsorship agreements with Vijay Singh, Camilo Villegas and the LPGA's Morgan Pressel.
 
The PGA Tour declined to comment on the raid Tuesday but issued a statement saying the Stanford St. Jude Championship will go on as scheduled June 11-14 at TPC Southwind. Stanfords endorsement of the Memphis event is scheduled to run through 2016.
 
LPGA commissioner Carolyn Bivens was attending the funeral of LPGA Hall of Famer Betty Jameson Tuesday and unavailable for comment. However, the LPGAs chief communications officer David Higdon did release this statement:
 
The LPGA has been closely monitoring the developments regarding the situation with Allen Stanford and some of his companies. We remain in close contact with our tournament owner of the Houston event sponsored by Stanford Financial, and they will continue to update us on any new developments related to this matter.