Star fund manager Mario Gabelli
and the Department of Justice
have decided on a settlement, the Wall Street Journal
have reported. Exact terms of the deal won't be disclosed until a court hearing scheduled for June 29, but sources close to the case say the illustrious head of Gamco Investors
will hand over more than $100 million to the government.
In March the Department took over a five-year-old civil fraud suit against Gabelli, which alleged that he and affiliates, notably Lynch Interactive
, misled the Federal Communications Commission to win control of cellphone licenses meant for minority and female small business owners. The deal was announced by U.S. Attorney David Kennedy
during a hearing in Manhattan U.S. District Court.
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