Just when the mutual fund industry was ready for a breather from 20 months of intense regulatory scrutiny and costly new compliance measures, along comes Danny Black.

With his admission to the media last week that a number of key traders from Fidelity Investments enjoyed a lavish Miami bachelor party two years ago - one where his company, shortdwarf.com, provided part of the entertainment - the four-foot, two-inch Black may have set in motion a second round of sweeping investigations from the Securities and Exchange Commission and the NASD.

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