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

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

Rating:Justice Department Moves on Gabelli Case Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, March 23, 2006

Justice Department Moves on Gabelli Case

by: Marie Glancy

The U.S. Justice Department has officially moved to take over the case against fund manager Mario Gabelli, the U.S. Attorney's office confirmed on Wednesday.

The motion was filed March 17 in Manhattan federal court, reports Reuters.

Two weeks ago, the Department let it be known that it would seek control of a private suit originally filed in 2001 by Russell C. Taylor III, a lawyer who claims Gabelli illegally exploited government discounts on wireless telephone licenses in the late 1990s, discounts intended for small-scale entrepreneurs.

The Justice Department also filed a complaint on Monday, in which it said it would bring additional charges against the case's defendants, including principals of Lynch Interactive Corp, a Gabelli-controlled company, although it also dismissed ten defendants from the case. Signed by U.S. Attorney Michael Garcia, the complaint accused Gabelli of unjust enrichment, demanded a trial by jury, and declared an intention to seek damages.

According to Reuters, the government has said its involvement in the case emerged from a November ruling that would have prevented Taylor, as a private plaintiff, from forcing the defendants to turn over ill-gotten profits. A memorandum filed in connection with the case claims the government has new evidence pointing to wrongdoing on Gabelli's part, including indications that he charged hidden fees to the telecommunications entities he funded.

The defendants have maintained that the financial backing Gabelli provided to several bidders for phone licenses was lawful and complied with FCC regulations. They have until April 3 to respond to the motion, after which the government has another week to make its rebuttal.  

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
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. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use