Franklin Resources subpoenaed

Franklin Resources Inc. said it received subpoenas from two federal prosecutors, in addition to putting three employees on administrative leave related to trading of mutual-fund shares.

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The No. 4 U.S. mutual fund company, the latest firm to be enmeshed in an industrywide scandal over improper trading, said on Monday in a filing with the U.S. Securities and Exchange Commission that it received subpoenas from the U.S. Attorney for the northern district of California and for Massachusetts.

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In October, Franklin announced it received subpoenas from the U.S. Securities and Exchange Commission and New York Attorney General Eliot Spitzer's office over alleged improper fund trading practices.

The San Mateo, California-based company, which manages the Franklin and Templeton mutual funds, disclosed on Monday it found some instances of frequent trading of certain funds by a few current or former employees in their own 401(k) retirement accounts. It said it placed two officers and a trader on administrative leave as a result.