×

Stanford Financial Won't Sponsor Sony Ericsson Open

Stanford Financial logos will no longer be featured on the back walls of the tennis courts at the Sony Ericsson Open at the end of the month, CNBC has learned.

The troubled firm, whose top officials have been accused of bilking investors, was one of many host sponsors of the tournament. The tournament, which takes place in Key Biscayne, Fla., is the largest tennis tournament after the four Grand Slams.

stanford_financial_logo.jpg

Last month, the tournament's director Adam Barrett told CNBC that Stanford had paid most of its 2009 sponsorship bill, but a source said on Tuesday that the company recently didn't make a payment that needed to be made. That allowed the tournament to easily undo the deal.

The firm's chief executive Allen Stanford filed papers in federal court today saying he is refusing to testify or turn over documents in the SEC's civil suit against him.

Stanford had been a sponsor of the tournament for the last five years.