Another alleged scoundrel is uncovered.
Texan billionaire and cricket promoter Sir Allen Stanford has been charged over a $8bn (£5.6bn) investment fraud, US financial regulators say.
The SEC said that Stanford International Bank sold approximately $8bn worth of certificates of deposit to investors, promising "improbable and unsubstantiated high interest rates".
It has another similarity to Madoff.
The bank was "operated by a close circle of Stanford's family and friends", the SEC said in a statement.