Vijay Singh Offers To Pay Stanford's Bail
Now we know exactly how close Vijay Singh was to Allen Stanford.
The professional golfer was one of three people who offered to sign for a portion of the financier's bail, his attorney said in court in Houston on Thursday, according to CNBC's Scott Cohn.
Cohn said Singh would have been on the hook for $500,000 if Stanford fled, but he was not allowed to help with bail because he is not a citizen of the United States.
The golfer signed an endorsement deal with the firm in January and has continued to wear the Stanford logo on his shirt and hat despite the fact that Singh was no longer being paid by the company. Last week, Stanford and other executives with his firm were charged with swindling $7 billion from investors. Stanford and three other executives pleaded not guilty to all charges on Thursday.
"Vijay's opinion is that Stanford has yet to be proven guility and until then has chosen to act supportively," said Dave Haggith, spokesman for IMG, the management company that counts Singh as a client.
- Stanford in Jail as Prosecutors Protest Bond
Cohn reported that Magistrate Judge Frances Stacy agreed to free Stanford on $2 million bond, with a $100,000 cash deposit. Under the terms set by the court, Stanford must live in Houston, submit to electronic monitoring and surrender his Antiguan passport. The government is appealing the conditions surrounding Stanford's bail.
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