Gabelli To Pay $130M In DOJ Settlement

Law360, New York (July 13, 2006, 12:00 AM EDT) -- Money manager Mario Gabelli has agreed to pay the Department of Justice $130 million to settle charges that he orchestrated a scheme to rig federal auctions for wireless spectrum licenses.

The payment will close the book on the government’s civil fraud case against Gabelli and 38 of his associates, which alleged that over the course of five years they conspired to win eight Federal Communications Commission wireless license auctions.

“The public airwaves are a scarce and valuable resource,” said Michael J. Garcia, the U.S. Attorney for...
To view the full article, register now.