The Securities and Exchange Commission accused r. allen stanford, the chief of the Stanford Financial Group, on Tuesday of conducting “a massive ongoing fraud” in the sale of about $8 billion of high-yielding certificates of deposit held in the firm’s bank in Antigua. Also named in the suit were two other executives and some affiliates of the financial group

Shortly after 10 a.m. Central time, about 40 police officers and other law enforcement officials simultaneously entered stanford financial Groups two office buildings in Houston. Many of the law enforcement personnel carried large black briefcases. Stanford group’s headquarters are in two offices in Houston, one within a tower of the Houston Galleria shopping mall, and the other across the street.

Yet again this may casue yet another financial group to crumble.

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