After the Bernard Madoff fraud, here comes Allen Stanford...

FBI agents in the US state of Virginia have served Texan billionaire Sir Allen Stanford with civil legal papers from the US financial watchdog, the SEC. 

Sir Allen, who disappeared from public view on Tuesday when he was accused by the SEC of an $8bn (£5.6bn) fraud, is believed to be in the Richmond area. 

He is not in custody and has not been charged with any criminal violations. 

The SEC filed a civil case in court describing the case as a "fraud of shocking magnitude". More...

See also:

1. U.S. soldiers investigated for fraud bigger than Maddoff...
2. Bernard made-off with billions...
3. Ripples of Madoff scandal spread everywhere...