Franklin Resources on Monday said that improper trading of its mutual fund shares were isolated incidents that do not reflect widespread company abuses and did harm long-term shareholders.

The company was responding to an administrative complaint filed last week by Massachusetts regulators and a civil charge filed by the Securities and Exchange Commission alleging the company allowed one of its clients to market time $45 million in Franklin mutual funds in exchange for a $10 million investment in a Franklin hedge fund. Additionally, the firm said the SEC is considering an action against two senior officers and one of its units.

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