Stanford Ponzi Scheme Case Entangles Baseball Stars

By Kevin Spak,  Newser Staff
Posted Jun 29, 2009 8:52 AM CDT
Stanford Ponzi Scheme Case Entangles Baseball Stars
Greg Maddux is one of seven baseball stars who invested money with Allen Stanford.   (AP Photo/Ben Margot, File)

The receiver in the R. Allen Stanford case wants seven current and former baseball stars to turn over millions they once invested in Stanford’s alleged Ponzi scheme, intending to divvy up the money among Stanford’s other victims, the Washington Times reports. He’s asking for a combined $9.5 million, an amount that mostly corresponds to the players’ initial investments.

The filing names Greg Maddux, Bernie Williams, Johnny Damon, JD Drew, Andruw Jones, Carlos Pena, and Jay Bell. “The fact that the [ballplayers] are innocent investors does not entitle them to retain proceeds from the fraudulent” scheme, SEC lawyers argued. One lawyer called the filing “unusually aggressive,” noting that much of the money players were being asked to turn over was their own legitimately earned money, rather than profits from Stanford's alleged fraud. (More baseball stories.)

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