Titanic?

Once Madoff made off with all that moola, the regulators seem to have sobered up and noticed other players out there who have run off with other peoples’ money into never-never land.

"A Texas billionaire and two associates are in regulators’ cross hairs, alongside Houston-based companies and an affiliated offshore bank, accused of perpetuating a multibillion-dollar fraud that could sting investors worldwide," the Houston Chronicle reports today.

"'We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world,' said Rose Romero, regional director of the Securities and Exchange Commission’s Fort Worth office, which filed civil charges Tuesday against R. Allen Stanford, the bank, two Houston companies and two company executives, James Davis and Laura Pendergest-Holt," the Chronicle continues.

"Indeed, Mr. Stanford and his firm have emerged as recent contributors to various American lawmakers, focusing particularly on legislators considering bills that could change offshore banking rules," the New York Times reports. "The Chronicle's blog offers a list of the many Texas lawmakers who took campaign contributions from him."

"We are moving quickly and decisively in this enforcement action to stop this fraudulent conduct and preserve assets for investors,” said Linda Chatman Thomsen, director of the SEC’s enforcement division.

Let's hope they find him. If all this is just the tip, how big is that iceberg?