Gabelli, DOJ In Talks To Settle Fraud Allegations

Law360, New York (June 1, 2006, 12:00 AM EDT) -- Less than a month after Mario Gabelli agreed to pay $100 million to settle allegations of share manipulation, the famed money manager is in talks with the U.S. Department of Justice in order to resolve civil fraud claims in a separate case alleging the tycoon’s use of sham businesses in federal cell phone spectrum auctions.

The private civil fraud suit, which was brought in a New York district court in 2001, centers on Gabelli’s role at Lynch Interactive, a communications holding company. The allegations were initially...
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