News Flash- SEC Subpoenas Gabelli
October 25, 2004
The Securities and Exchange Commission has subpoenaed Gabelli Asset Management for possible improper trading, the company indicated in an SEC filing. Last October, New York Attorney General Eliot Spitzer filed a subpoena against Gabelli, which admitted that one client had market-timing arrangements.
Gabelli instituted anti-market timing language into its prospectuses in May 2003, placing a 2% redemption fee on any quick in-and-out trades.