While criticisms abound as to who, or which regulatory entity, or set of laws and oversight, is to blame for the credit crisis, the Securities and Exchange Commission is quietly flexing new muscle of its own on the mutual fund trading scandal front.

In what is being viewed as a landmark case in the continuing pursuit of mutual fund late traders a full 4-1/2 years after the fund scandal was first uncovered, the SEC is moving beyond the borders of scandal fatigue in the U.S.

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