Transamerica Life Insurance Company of Canada fired three employees and suspended 17 in a trading scandal involving one of the firm's offshore funds based in Luxembourg, said Barry Francis, a spokesperson for the company.

Fifty-six of the Toronto-based company's employees had $4.7 million invested in the NN Information Technology Fund, Francis said. They were discovered, through an internal investigation, to be timing the fund to earn total profits ranging from $2 million to $3 million, Francis said.

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