Federal agents entered the Houston office of Stanford Financial Group on Tuesday, according to a Reuters report.

Around 15 people entered the Houston-based office with some wearing U.S. marshal jackets.

Securities and Exchange Commission accused Robert Allen Stanford, the chief of the Stanford Financial Group on Tuesday of fraud in the sale of about $8 billion of high-yielding certificates of deposit held in the firm's bank in Antigua, the New York Times reported.

The companies said it oversees more than $50 billion worth of assets.

The New York Times