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Sponsor allegedly committed fraud

Updated: February 17, 2009, 9:28 PM ET
By Bob Harig | ESPN.com

A raid by federal officials Tuesday at the offices of Stanford Financial leaves the future sponsorship of golf tournaments on the PGA and LPGA tours in doubt.

Federal offices alleged that the company has committed $8 billion in fraud, and there was a sign outside of its Houston offices saying, "The company is still in operation but under the management of a receiver,'' suggesting that company assets may be frozen.

Stanford is the title sponsor of the PGA Tour's long-running event ...

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