Gabelli Funds LLC Case 04/24/2008

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Company Name(s): 
Gabelli Funds
Case Name: 
Gabelli Funds LLC Case 04/24/2008
Case Status: 
Lawsuit Filed
Case Status: 
Judgment Issued
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
NYSE: GBL
Lawsuit Overview
Type of Lawsuit: 
SEC Action
Date Filed: 
04/24/2008
Date Settled: 
04/24/2008
Settlement Amount: 
$16,000,000
Summary: 

Gabelli Funds LLC settles with the the U.S. Securities and Exchange Commission and agrees to pay $16 million to the SEC order to settle allegations that it allowed a hedge fund to conduct rapid-fire market-timing trades, thus harming the fund’s long-term investors. Gabelli Funds was censured, ordered to cease and desist its securities law violations, and ordered to pay $9.7 million in disgorgement, $1.3 million in prejudgment interest, and a penalty of $5 million, for a total payment of $16 million.