Receivers acting for creditors of Stanford's collapsed $7 billion financial empire have begun legal action against a number of sports bodies and figures, including IMG Worldwide, who represent golfer Vijay Singh, and the Miami Heat basketball team, to recoup sponsorship fees. They have indicated that they will be looking into the ECB's relationship with the Texan and it could face action to repay "ill-gotten gains" received from its deal.
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 ECB's ill-fated decision to strike a $100 million deal for a series of Twenty20 matches against a Stanford Superstars XI is one of the most embarrassing and controversial episodes in its history, and the prospect of legal action will confirm the worst fears of its critics.
Source: 'Ill-gotten' Stanford gains could come back to haunt ECB as creditors seek redress - Telegraph
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Well, I guess they'll ask more questions to a guy who flies in helicopter full of cash? Nah ...
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 ECB's ill-fated decision to strike a $100 million deal for a series of Twenty20 matches against a Stanford Superstars XI is one of the most embarrassing and controversial episodes in its history, and the prospect of legal action will confirm the worst fears of its critics.
Source: 'Ill-gotten' Stanford gains could come back to haunt ECB as creditors seek redress - Telegraph
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Well, I guess they'll ask more questions to a guy who flies in helicopter full of cash? Nah ...
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