Few people in the mutual fund industry, outside of those who have been charged in the scandal, have been under as incredible pressure or faced as tough questions in the past few months as Paul Roye, the nation's top cop for the mutual fund industry.

When New York Attorney General Eliot Spitzer exposed the market timing and late trading abuses with the Canary Capital case on Sept. 3, the biggest question for Roye, of course, was why had the SEC failed to detect these endemic abuses?

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