Regulators Snoop Around at Gabelli
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Friday, October 08, 2004

Regulators Snoop Around at Gabelli

Regulators weren't kidding when they said the scandals would go on. Gabelli disclosed in a Tuesday SEC filing that the SEC and the New York Attorney General have subpoenaed and requested information from the Rye, New York-based advisor. The disclosures were made in a filing for the Gabelli Dividend & Income Trust.

Gabelli officials stated that it they have not found evidence of late trading or market timing in their funds. Officials, in conducting an internal review, did find that one investor short-term traded in one Gabelli fund. That fund's prospectus, however, did not contain language limiting the number of trades of the fund.

"[The] investor…was banned from the mutual fund only after certain other investors were banned," stated officials. The investor also made an investment in a hedge fund run by a Gabelli affiliate, stated officials.

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