The largest scandal in the mutual fund industry's 80-year history has prompted regulators to revamp how funds conduct business by implementing a series of reforms. Dozens of firms have been sued and accused of fraud, a handful of executives are facing criminal charges and investors have realized how little they really know about how their retirement dollars are being invested.

With much of the shock value of the scandal now petering out and firms adjusting to a more demanding compliance landscape as 2004 comes to an end, it seems prudent to look back on what has been a tumultuous 15 months.

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