The gumshoes from the Securities and Exchange Commission are none too impressed by Allen Stanford’s knighthood. They ignored it altogether in a complaint filed on Tuesday alleging that the cricket-loving Texan billionaire was perpetrating a “fraud of shocking magnitude” on investors.

Even if the title bestowed by Antigua and Barbuda is pukka, that may be about all that is. The consistent double-digit returns Sir Allen claimed for his “unique investment strategy” were grossly exaggerated, the SEC reckons. It must now act urgently to address investor panic about how many more multi-billion dollar frauds have yet to be unmasked.