Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Gabelli Takes SEC Fight to the Press Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 14, 2008

Gabelli Takes SEC Fight to the Press

News summary by MFWire's editors

Marc Gabelli, son of famed mutual fund impresario Mario Gabelli, is taking his fight with the SEC directly to the media. The SEC has alleged that Gabelli Funds allowed a London hedger to market time its products.

"I intend to clear my name by responding vigorously to this allegation in court," Marc Gabelli stated.

Marc Gabelli fought the allegations by issuing a statement denying the allegations made by the SEC that Gabelli chief operating officer Bruce Alpert allowed London-based hedge fund firm Folkes Asset Management, now known as Headstart Advisers, to market-time its funds. The SEC accused the younger Gabelli of not informing the board of the arrangement.

In his statement Gabelli retorts the accusations, saying he never violated any rule or regulation and always managed the mutual funds under his direction lawfully and in the best interests of shareholders


Company Press Release

NEW YORK, May 13, 2008 (PRIME NEWSWIRE) -- In response to the Securities and Exchange Commission filing a complaint against Marc Gabelli, Mr. Gabelli stated today that he disputes the allegations of the complaint, and he intends to respond to them forcefully in court.

Mr. Gabelli is a former portfolio manager of Gabelli Funds LLC ("the firm"). He is now Chairman of the LGL Group, Inc. (AMEX:LGL).

Four years ago, the firm's board proactively investigated the claim the SEC is now making and found no wrongdoing. The trading at issue, by a single investment adviser, was not prohibited by the fund's prospectus, and was stopped with Mr. Gabelli's approval five-and-a-half years ago, in August 2002, over a year before the SEC began investigating the mutual fund marketplace for market timing issues. Marc Gabelli never violated any rule or regulation and always managed the mutual funds under his direction lawfully and in the best interests of shareholders.

Indeed, the complaint does not allege that Mr. Gabelli made any false statements to investors, does not allege that the trading violated the fund's prospectus, does not allege that permitting the trades violated any rules of the fund, and does not allege that Mr. Gabelli knew of any possible harm to investors.

"I intend to clear my name by responding vigorously to this allegation in court," Mr. Gabelli said. 

Edited by: Erin Kello


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use