Stanford Financial and SEC Action
In November 2008 Stanford Financial was announced as the new sponsor of the tournament with a purse of $2 million. On February 17, 2009 the Securities and Exchange Commission accused Stanford chairman Allen R. Stanford in an $8 billion investment fraud scheme, and the Houston offices of Stanford Financial were raided and the firm's assets were frozen. In response to this action, the LPGA issued a statement that it was "monitoring developments regarding the situation."
On May 26, 2009, the LPGA announced that the tournament would still take place, without a sponsor and with the purse lowered to $1.5 million. The tournament would be known as the LPGA Tour Championship. In September, Rolex was added as the presenting sponsor. The 2009 tournament was played at the Houstonian Golf and Country Club in Richmond, Texas, southwest of Houston.
Read more about this topic: LPGA Tour Championship
Famous quotes containing the words financial and/or action:
“America is a nation with no truly national city, no Paris, no Rome, no London, no city which is at once the social center, the political capital, and the financial hub.”
—C. Wright Mills (1916–1962)
“Temperamentally, the writer exists on happenings, on contacts, conflicts, action and reaction, speed, pressure, tension. Were he a contemplative purely, he would not write.”
—Elizabeth Bowen (1899–1973)