Gabelli Funds Fined $16M For Market Timing

Law360, New York (April 24, 2008, 12:00 AM EDT) -- Gabelli Funds LLC will pay $16 million to the U.S. Securities and Exchange Commission in order to settle allegations that it allowed a hedge fund to conduct rapid-fire market-timing trades, thus harming the fund's long-term investors.

Besides Gabelli Funds, the SEC also sued Marc J. Gabelli, the portfolio manager of the Gabelli Global Growth Fund, and Bruce Alpert, Gabelli Funds' chief operating officer.

The fund, based in Rye, N.Y., did not admit or deny the claims filed by the SEC in the U.S. District Court for...
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