Franklin Templeton is the fifth mutual fund company to come under the watchful eye of the Ontario Securities Commission, Canadian Press reports. And if found guilty of market timing, Franklin and the four other fund companies are not going to come off lightly, as the OSC is expected to levy record fines.

Three of the other fund companies being investigated by the OCS reached an undisclosed settlement this week. Regulators said publicly that fines resulting from the current investigation are likely to shatter previous records for the Canadian financial services industry.

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