In the market-timing scandal that has been rumbling on in the US since September, the main accusation against the mutual fund firms concerned is that they knowingly harmed the interests of ordinary investors while letting hedge funds rake in profits through timing their funds.

Franklin Templeton Investments is the latest firm to be dragged into the mire, with revelations that it struck a market-timing agreement with Las Vegas-based hedge fund manager Daniel Calugar. So how much did Calugar make through this shady arrangement? In a faultless display of market mis-timing he managed to lose $700,000 on his trades. Maybe he had better luck at the casino.