On Sept. 3, 2003, Canary Capital came clean over its market-timing and late-trading abuses. Now, nineteen months, four days and billions of dollars in penalties later, regulators continue to uncover malfeasance in a scandal that never seems to end.

The trading abuses have become increasingly less dramatic and the penalties correspondingly smaller, but it's still left fund companies, brokers, investors and industry watchers to wonder how far the pendulum must swing, as well as who might get swept up next.

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