Singh denied after offering to help pay Stanford bond

HOUSTON -- Vijay Singh has offered to help pay the $500,000 bond for financier Allen Stanford, but a federal magistrate would not allow it because Singh, a three-time major champion, is not a U.S. citizen.

CNBC reported that Stanford's attorney indicated in court Thursday that Singh, who is from Fiji, offered to sign for a portion of the bail. Prosecutors are appealing the decision to set bail for Stanford, who is accused of swindling investors out of $7 billion.

• CBSNews.com: Stanford pleads not guilty to fraud

Singh has an endorsement deal with Stanford Financial reportedly worth $8 million. Although no longer being paid, Singh has continued to wear the Stanford logo on his visor and shirt.

He did not play in Memphis, Tenn., two weeks ago in a tournament previously sponsored by Stanford. He is in the field at this week's Travelers Championship.

"Vijay's opinion is that Stanford has yet to be proven guilty and until then has chose to act supportively," said Dave Haggith, a spokesman at IMG, the management company that represents Singh.