Franklin Resources Inc. said that it received subpoenas from two U.S. federal prosecutors and that it has placed three employees on administrative leave in connection with their trading of the company’s mutual-fund shares.

In a report filed with the Securities and Exchange Commission, Franklin, which runs funds including the Franklin Templeton group, said it had received subpoenas from the offices of U.S. attorneys for the northern district of California and for Massachusetts. Officials from both offices declined to comment.

No charges have been brought against Franklin or its employees in the continuing investigations into improper trading of fund shares.

But an internal investigation by Franklin, which has US$322 billion in assets under management, has identified some instances of frequent trading by employees in their personal 401(k) plan accounts, the company disclosed in its latest SEC filing.

The individuals include a trader and an officer of the funds. Both employees have been placed on administrative leave by the company and the officer has resigned the fund post. In addition, one officer of a Franklin subsidiary has been placed on administrative leave.

In a statement, the company said that if it finds that “we bear responsibility for any unlawful or improper conduct that caused losses to our funds, we are committed to making the funds whole.”