SEC Suit Against Gabelli Reinstated by U.S. Appeals Court
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Marc J. Gabelli, a former portfolio manager of Gabelli Global Growth Fund, must face a lawsuit brought by the U.S. Securities and Exchange Commission, a federal appeals court said, reversing a lower-court ruling.
The SEC alleged in a 2008 complaint that Gabelli, a son of founder Mario Gabelli, had authorized the fund to be market timed by Folkes Asset Management, now known as Headstart Advisers Ltd., and that Gabelli Funds LLC Chief Operating Officer Bruce Alpert had allowed it to continue.