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Stanford scandal hits two Yanks
Source: Agencies |
February 23, 2009, Monday
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Print Edition
Print Edition
TWO New York Yankees outfielders have been hurt by scandal that has embroiled Texas billionaire Allen Stanford, according to media reports.
Fox Sports and the New York Post reported that Johnny Damon and Xavier Nady are among investors whose assets were frozen last week after the US Securities and Exchange Commission last Tuesday charged Stanford with a US$8-billion securities fraud.
One of Stanford's companies, Stanford Financial Group, sponsors numerous leagues and teams in such sports as cricket, golf, tennis, basketball, polo and sailing.
The 58-year-old tycoon, who has denied any wrongdoing, was served civil papers in Virginia on Thursday by FBI agents and has surrendered his passport to US authorities. The financier's fortune was estimated at US$2.2 billion last year by Forbes magazine.
"My money has been frozen for four or five days," Damon told the Post. "Hopefully it won't be much longer.
"I can't pay my bills," he added.
Nady told Fox Sports he also has been affected. "I have the same (adviser) as Johnny," he said. "He said I didn't have money with Stanford, but all my credit card accounts are frozen right now because of that situation. I'm trying to get an apartment in New York. I can't put a credit card down to hold it."
Damon, 35, is earning US$13 million this season, while Nady, 30, is set to earn US$6.55 million.
Both players are clients of agent Scott Boras, who could not be reached for comment. However, Boras told Fox Sports his clients had no reason to worry. "Our personal-management auditors have looked into the financial elements of it," Boras said. "None of our clients is in any financial jeopardy."
Damon, Nady and other Boras clients use Personal Management Consultants, a division of the Scott Boras Corp, to monitor their assets, according to Fox Sports.
Fox Sports and the New York Post reported that Johnny Damon and Xavier Nady are among investors whose assets were frozen last week after the US Securities and Exchange Commission last Tuesday charged Stanford with a US$8-billion securities fraud.
One of Stanford's companies, Stanford Financial Group, sponsors numerous leagues and teams in such sports as cricket, golf, tennis, basketball, polo and sailing.
The 58-year-old tycoon, who has denied any wrongdoing, was served civil papers in Virginia on Thursday by FBI agents and has surrendered his passport to US authorities. The financier's fortune was estimated at US$2.2 billion last year by Forbes magazine.
"My money has been frozen for four or five days," Damon told the Post. "Hopefully it won't be much longer.
"I can't pay my bills," he added.
Nady told Fox Sports he also has been affected. "I have the same (adviser) as Johnny," he said. "He said I didn't have money with Stanford, but all my credit card accounts are frozen right now because of that situation. I'm trying to get an apartment in New York. I can't put a credit card down to hold it."
Damon, 35, is earning US$13 million this season, while Nady, 30, is set to earn US$6.55 million.
Both players are clients of agent Scott Boras, who could not be reached for comment. However, Boras told Fox Sports his clients had no reason to worry. "Our personal-management auditors have looked into the financial elements of it," Boras said. "None of our clients is in any financial jeopardy."
Damon, Nady and other Boras clients use Personal Management Consultants, a division of the Scott Boras Corp, to monitor their assets, according to Fox Sports.
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