ATP terminates partnership with Stanford Financial

The ATP Tour—the professional men’s tennis tour—has terminated its agreement with Stanford Financial, which has been its “Official Investment Advisor” since 2005, CNBC has confirmed.

“The ATP can confirm that it has terminated with immediate effect the Stanford Group’s role as its investment advisor and is reviewing its sponsorship agreement with the group,” an ATP spokesman said in a statement.

According to Stanford Financial’s Web site, the deal was to last through the 2011 season.

The Texas billionaire Standfordwith significant operations in South Florida has been accused of an $8 billion fraud in which he lied about the safety of investments he sold as “certificates of deposit” and promised unrealistically high rates of return. Securities and Exchange Commission officials shut down R. Allen Stanford’s investment businesses on Tuesday. They also froze the assets of three companies he controls.