Gabelli Reaches Settlement With DOJ Over Fraud Suit

Law360, New York (June 6, 2006, 12:00 AM EDT) -- Investor Mario Gabelli agreed Tuesday to settle a civil fraud suit with the U.S. Department of Justice, which alleged that he used sham business operations to cheat the government out of millions of dollars through auctions of cell phone licenses.

Assistant U.S. Attorney David Kennedy announced the deal at a hearing before U.S. District Judge Paul Crotty in Manhattan.

While the terms of the settlement were not disclosed, the deal was expected to include a payment of more than $100 million to the government, according to...
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