Ralph Janvey Wants Golfer David Toms to Pay Back the $905,087 He Got From Allen Stanford

Categories: Crime, Sports
David Toms
Dallas attorney Ralph Janvey's still combing through Allen Stanford's financials to see who got some of that money made in the multibillion-dollar Ponzi scheme that landed the Texas financier in prison, where, one day, he'll face a federal trial (maybe). Janvey, who was appointed receiver, wants that money so he can pay back those investors bilked by Sir Allen, and yesterday in Dallas federal court he filed his latest recovery suit -- naming none other than pro golfer David Toms.

Says the suit, which follows on the other side, Stanford and Toms had a "sponsorship and endorsement relationship" for which the Louisiana resident was paid "at least $450,000.00 in 2007 and $455,087.44 in 2008" -- money Janvey says came from the sale of those phony certificates of deposit that landed Stanford behind bars. Writes Janvey, Toms "either performed no services for the CD Proceeds [he] received; performed services that did not constitute reasonably equivalent value in exchange for the CD Proceeds [he] received; or performed only services that were in furtherance of the Ponzi scheme, which cannot be reasonably equivalent value as a matter of law."

To which Adam Young, Toms's business manager, says: Nonsense. Young, who received a handful of media calls while we were on the phone briefly this afternoon, tells Unfair Park today that Janvey's claims are "baseless and inaccurate -- every claim. They have to do some homework before they sue, don't they?"

He says Toms met Stanford in '06 and that theirs was a business relationship, as in: Toms would appear at golf tourneys, do some PR for Stanford and the firm, and get paid for doing so -- a standard endorsement deal.

"Nothing was ever off-shore," Young says from the David Toms Foundation office in Shreveport. "And the figures are baseless. ... How are we any different than the electric company? Why don't you sue the electric company because Stanford paid them too? David didn't get money from the offshore stuff. He didn't get his money back while someone else didn't. He was paid for his services, no different than the janitor got paid for cleaning the building."
Janvey v Toms

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Stanford investors are preparing to preserve their rights to sue the U.S. Government for the failures of the Securities and Exchange Commission to conduct appropriate enforcement in this large international Ponzi scheme perpetrated by Allen Stanford of Texas. Investors have approached and are being represented by Dr. Gaytri Kachroo, the attorney who has filed the class action in the Madoff case in November of 2010. Dr. Kachroo indicates that if investors want to participate in an action against the SEC, most likely a class action, they must file claims immediately and no later than Feb. 16, 2011 (on the safe side) by speaking with a KLS representative as soon as possible. She strongly advises international investors to contact and file all documentation with Kachroo Legal Services prior to January 15, 2011 in order to timely process their claims. Those investors that have not contacted Dr. Kachroo may do so at WWW.Kachroolegal.com. Dr. Kachroo represents the Madoff whistle-blower, Harry Markopolos and continues to represent large numbers of Madoff investors. Beginning on February 17, 2009, the Federal Government has charged Allan Stanford with multiple civil fraud and criminal charges for allegedly running an $8 billion Ponzi scheme. Currently incarcerated at the Federal Detention Center in Huston, Texas, Stanford is awaiting trial, scheduled for January 2011.

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