(Bloomberg News) Professional golfer David Toms was sued by R. Allen Stanford's receiver for $905,087 in profits Toms earned from certificates of deposit sold by Stanford International Bank, the Antiguan bank prosecutors claim was the center of a $7 billion investment fraud.
Toms, who has earned $33 million in his PGA Tour career to date, "previously entered into a sponsorship and endorsement relationship'' with some of Stanford's companies, according to a lawsuit filed January 5 in federal court in Dallas by Ralph Janvey, Stanford's court-appointed receiver.
Toms and his company "either performed no services for the CD proceeds they received (or) performed services that did not constitute reasonably equivalent value'' in exchange for CD proceeds he received in 2007 and 2008, Janvey said.
