Tiger Woods Foundation Sues to Keep Proceeds of Ponzi Scheme

  |   28 October, 2014   |   662   |   3980

NPQ has previously written about the responses of nonprofits to “clawbacks” of contributions made with the proceeds of Ponzi schemes. There have been any number of such case, and, in a way, it is perhaps more understandable when a direct services organizations sues to keep such money—but what about the Tiger Woods Foundation?



A week and a half ago, U.S. District Judge David C. Godbey denied a motion made by the Tiger Woods Foundation to dismiss a suit brought on behalf of those who had lost money in the $7 billion scheme run by R. Allen Stanford, on the grounds that the receiver working on the case had waited too long to file a claim. Stanford, who apparently preyed in part on professional athletes, was sentenced to 110 years in 2012.