(Bloomberg News) The National Basketball Association's Miami Heat was sued by the R. Allen Stanford receivership for allegedly collecting more than $1.3 million in ill-gotten gains from Stanford's alleged fraud.
"The payments to the Miami Heat parties are related to Stanford's sponsorship, advertising and promotional activities," Ralph Janvey, the court-appointed receiver, said in a complaint filed today in Dallas federal court.
Stanford is accused of leading a $7 billion investment fraud scheme centered on the sale of certificates of deposit by his Antigua-based Stanford International Bank Ltd. He has denied the allegations.
When the U.S. Securities and Exchange Commission sued Stanford and his businesses in February 2009, the court appointed Janvey, a Dallas lawyer, to liquidate the financier's assets and recoup money to repay injured investors.
Rob Wilson, the team's sports media relations director, couldn't immediately be reached by phone after regular business hours. An e-mail message to Wilson seeking comment wasn't immediately returned.
Stanford, 60, is being held without bail awaiting trial on a 21-count criminal indictment. A trial scheduled to start yesterday was postponed indefinitely while he receives treatment for a prescription-drug dependency and head trauma sustained in a jailhouse beating.
The Heat, which in July added former NBA Most Valuable Player LeBron James to a team that already includes all-star Dwyane Wade, leads the league's Southeast Division with 31 wins and 13 losses.
The case is Janvey v. Miami Heat LP, 11cv158, U.S. District Court, Northern District of Texas. The criminal case is U.S. v. Stanford, 09cr342, U.S. District Court, Southern District of Texas (Houston). The SEC case is Securities and Exchange Commission v. Stanford International Bank Ltd., 09cv298, U.S. District Court, Northern District of Texas (Dallas).