Further questions over SEC in Stanford affair

The US Securities and Exchange Commission (SEC) faces further questions over its authority and competence as the fallout from the regulator's fraud charges against Sir Allen Stanford continues.

The embattled regulator - which is reeling from criticism over it failure to discover the alleged Ponzi scheme operated by Bernard Madoff - filed civil fraud charges against Stanford, a Texan billionaire, on Tuesday.

The SEC alleged that he was involved in "a massive fraud based on false promises and f