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Wednesday, April 30, 2014

Ponzi Receiver Sues Tiger Woods Foundation

DALLAS (CN) - The court-appointed receiver for R. Allen Stanford's $7 billion Ponzi scheme demands $500,000 that Stanford donated to the Tiger Woods Foundation. Ralph Janvey, with Krage Janvey in Dallas, sued the Tiger Woods Foundation and Tiger Woods Charity Event Corp. in Federal Court.

 Janvey claims they received the money in two transfers from Stanford Capital Management LLC, Stanford Financial Group Co. and the Stanford Financial Group Building Inc.

 "These contributions amount to fraudulent transfers because defendants exchanged no reasonably equivalent consideration for what they received," the 12-page complaint states. "The receiver brings this complaint to rescind these transfers because the funds used were those of innocent, unwitting investors in the bank's fraudulent Ponzi scheme."

 Janvey says the contributions the foundation was promised are based on "illegal contracts" that are no basis for keeping money that belongs to Stanford's injured investors.

 "The claims of the [Stanford entity] defendants' creditors, including the defrauded investors in the Ponzi scheme, arose before or within a reasonable time after the transfers," the complaint states. "Stanford Financial Group Company made the transfers with the actual intent to hinder, delay, or defraud its creditors."
Stanford, 63, was convicted in 2012 in Houston Federal Court of selling phony certificates of deposit. He is serving 110 years in federal prison .

 The foundation did not immediately respond to a request for comment Monday evening.

 Founded in 1996, the foundation funds scholarships and several Tiger Woods Leaning Centers in Southern California and Washington, D.C., according to its website.

 Janvey seeks disgorgement of $502,000 for fraudulent transfer and unjust enrichment. He is represented by Richard Roper with Thompson Knight in Dallas.

 Janvey has aggressively tried to recover funds originating from the Ponzi scheme, filing approximately 50 lawsuits against recipients since his appointment, according to the Courthouse News database.

 His targets have included the Miami Heat basketball team, Texas A&M University, the University of Miami, the PGA Tour and the ATP Tour, among others.

 In January, the New Orleans-based 5th Circuit ruled that Janvey could go after $1.98 million held by Trustmark National Bank. A three-judge panel with the federal appeals court determined the cash collateral was Stanford's property and part of the receivership estate.

 Woods' foundation is not accused of participating in the Ponzi scam, only of receiving money from it.

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For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum

1 comment:

  1. Very soon, if justice is at all alive in this country, Janvey will be stopped in his tracks. There is still much more to come. Very recently in Dallas, a motion 60b was filed to challenge the 12.6 billion awarded from the receivership to the SEC by Judge Godbey. On a Thursday in April at 2:00pm the motion was filed and within 2 hours, every lawyer that had touched the case had a copy of that motion. Fraud has been alleged on the part of the Court and much more. I have gotten back word that this motion is good, from a legal standpoint and I have a copy of it. This is not the end of the legal actions to take place and your relief may come at the hands of the one person you least expect it to come from. There was much, much more than just Court fraud that took place here. Information was deliberately kept out of the courtroom during the Stanford trial and from the ears of the jurors. Information proving the solvency of Stanford is the most important. The SEC had no authority and no jurisdiction to seize what they did. They had no jurisdiction to hack into the bank of a sovereign nation and steal customer account records but they did. The Receiver was given a mandate to seize, hold and preserve the Stanford assets until the final disposition of the trial. He did not. Instead he seized, squandered and dismembered businesses all over the country and as a direct result of the SEC's actions, Stanford businesses all over the world were seized by their host countries and nationalized, falling like dominoes. At the point of seizure, and not before, did investments start to crumble. There were voices of dissent within the SEC, warning that there was no jurisdiction or authority to go after Stanford. Was there any reason to do so? With 24 years in business and a spotless record, no...oh, and did I mention that Stanford was completely solvent? Stanford was never charged with operating a Ponzi scheme and it was declared in open court, coming out of Judge Hittner's own mouth, that this was not a Ponzi scheme. So why did all of the headlines scream Ponzi scheme? Several million dollars in Stanford assets funded a small army of forensic accountants to go over many customer records specifically to find fraud. They especially wanted to find that Ponzi scheme. In court, after months of investigation, they came up empty. No Ponzi scheme and no fraud. All of those Stanford millions spent to fund the prosecution against him and they couldn't find fraud. They had to settle for a conviction of wire fraud, mail fraud and obstruction of justice. You know, obstructing the investigation of the SEC which had no authority or jurisdiction to investigate. The records that were needed by the defense to prove Stanford's solvency, and more, were shipped to a warehouse in Washington, D.C. and out of reach of the defense which had been trying to get their hands on those records. An UNLICENSED accounting firm had those records shipped out of state because obviously there was no room for them in Texas (sarcasm). The licensed Ernst & Young was a legitimate accounting front for the OTHER accounting firm. During the financial crisis several years ago, Stanford paid out 2.4 billion dollars to scared investors who simply wanted their money back. When banks were failing, he was still solvent. It hurt but he was still in business. Stanford, and all he represented, was no house of cards. Because I am directly involved in these current proceedings, and the timing is important, I am for now, anonymous. God Bless.