The Securities and Exchange Commission on Tuesday charged Robert Allen Stanford, the head of the Stanford Financial Group, with conducing "a massive ongoing fraud," the New York Times and others are reporting.
Reuters, meanwhile, reports that this sign was taped to the window of Stanford Financial Group's Houston headquarters: "We are temporarily closed. The company is still in operation but under the management of a receiver."
Stanford Financial sponsors the PGA Tour's Stanford St. Jude Classic and the LPGA's new Stanford Financial Tour Championship.
-- John Strege