Why did it take so long to figure out Stanford

[peternap]

A couple of years ago I waas looking for high yield CD's. I ran across CD's from one of Stanfords banks and they were paying an unbelievable rate.

I was interested but since it wasn't FDIC insured, I was leery. I did some research which included the finance forums. To the last one, the opinion was that it was a scam.

I found a local bank giving 5.25% on one year CD's so I went with them for $100,000.00. The rest went into Muni's.

Now if I could find that out in a few hours on the internet...what took the SEC so long to find the fraud?
Something is wrong with the system.