Defendant Name:
Gabelli Funds LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
GAMCO Investors Inc.
SIC Code:
6211
CUSIP:
36143810
Initial Case Details
Legal Case Name
In the Matter of Gabelli Funds LLC
First Document Date
24-Apr-2008
Initial Filing Format
Administrative Action
File Number
3-13019
Allegation Type
Investment Advisers/Investment Companies
Violations Alleged
•
Section 206(2) Investment Advisers Act; Section 17(d) Investment Company Act; Rule 17d-1 Investment Company Act
•
Section 12(d)(1)(B)(i) Investment Company Act
•
Section 12(d)(1)(B)(i) Investment Company Act
Related Violations Alleged
Gabelli Funds LLC is alleged to have caused an unidentified individual or entity's violation of Section 12(d)(1)(B)(i) Investment Company Act.
Gabelli Funds LLC is alleged to have aided and abetted Gabelli Global Growth Fund's violation of Section 12(d)(1)(B)(i) Investment Company Act (willfully/knowingly).
Gabelli Funds LLC is alleged to have caused Gabelli Global Growth Fund's violation of Section 12(d)(1)(B)(i) Investment Company Act.
Gabelli Funds LLC is alleged to have aided and abetted an unidentified individual or entity's violation of Section 12(d)(1)(B)(i) Investment Company Act.
Resolutions
First Resolution Date
24-Apr-2008
Headline Total Penalty and Disgorgement
See Related Documents
Related Documents:
IA-2727
24-Apr-2008
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of the Investment Company Act of 1940
On April 24, 2008, the SEC instituted settled administrative and cease-and-desist proceedings against Gabelli Funds LLC. According to the SEC: "This is a proceeding against Gabelli Funds, an investment adviser to mutual funds, based upon its undisclosed market-timing agreement in which it permitted a hedge fund investment manager based in the United Kingdom (the 'U.K. hedge fund manager') to market time a mutual fund managed by Gabelli Funds from September 1999 to August 2002 while Gabelli Funds otherwise monitored for and rejected market-timing purchases from other investors of the mutual fund. Approximately six months after the market timing commenced, Gabelli Funds also allowed the U.K. hedge fund manager to increase its market-timing capacity in exchange for the U.K. hedge fund manager's long-term investment in an affiliated hedge fund."
33-8911
24-Apr-2008
Administrative Proceeding
Order under Section 27A(b) of the Securities Act of 1933 and Section 21E(b) of the Securities Exchange Act of 1934, Granting Waivers of the Disqualification Provisions of Section 27A(b)(1)(A)(ii) of the Securities Act of 1933 and Section 21E(b)(1)(A)(ii) of the Securities Exchange Act of 1934
The Commission ordered that: "a waiver from the disqualification
provisions of Section 27A(b)(1)(A)(ii) of the Securities Act and Section 21E(b)(1)(A)(ii)
of the Exchange Act as to Gabelli Funds and its affiliates resulting from the entry of the
Order is hereby granted."
34-57796
07-May-2008
Administrative Proceeding
Order Appointing Tax Administrator
The SEC authorized its Secretary to appoint Damasco and Associates as Tax Administrator for distribution funds that may have tax obligations as Qualified Settlement Funds (QSFs).
This specific order (May 7, 2008) formally appoints Damasco and Associates as the Tax Administrator for the Gabelli Funds, LLC administrative proceeding.
Proposed Plan of Distribution
On August 26, 2009, a proposed plan of distribution was filed in the matter of Gabelli Funds, LLC.
34-60656
11-Sep-2009
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has filed with the Commission the proposed plan ("Distribution Plan") for the distribution of monies in In the Matter of Gabelli Funds LLC. . . . The Distribution Plan provides for distribution of disgorgement in the
amount of $9.7 million, prejudgment interest of $1.3 million, and a civil money penalty in the amount of $5 million, plus any accumulated interest, less any federal, state, or local taxes on the interest."
34-61255
30-Dec-2009
Administrative Proceeding
Order Appointing a Fund Administrator and Waiving Bond
On December 30, 2009, the SEC ordered the appointment of Rust Consulting, Inc. as the Fund Administrator and that the bond requirement is waived for good cause shown.
34-61256
30-Dec-2009
Administrative Proceeding
Order Approving Distribution Plan
On December 30, 2009, the SEC ordered the approval of the Distribution Plan.
34-62728
16-Aug-2010
Administrative Proceeding
Order Directing Disbursement of Fair Fund
On August 16, 2010, the SEC ordered that "the Commission staff shall transfer $6,199,426.66 of the Fair Fund to U.S. Bank, and the Fund Administrator shall distribute such monies to investors, as provided for in the Distribution Plan."
34-62806
31-Aug-2010
Administrative Proceeding
Order Directing Disbursement of Fair Fund
On August 31, 2010, the SEC ordered that "the Commission staff shall transfer $6,018,207.06 of the Fair Fund to U.S. Bank, and the Fund Administrator shall distribute such monies to investors, as provided for in the Distribution Plan."
34-68733
25-Jan-2013
Administrative Proceeding
Order Authorizing the Transfer of Remaining Funds and Any Future Funds Returned to the Fair Fund to the U.S. Treasury, Terminating the Fair Fund, and Discharging the Fund Administrator
On January 25, 2013, the SEC ordered "the remaining Fair Fund balance of $6,356,291.10 and any future funds returned to the Fair Fund shall be transferred to the U.S. Treasury". The SEC also ordered the termination of the Fair Fund and the discharge of the Fund Administrator.
