Mario Gabelli

Between 1995 and 2000, Mario Gabelli and related companies allegedly participated in auctions conducted by the Federal Communications Commission (FCC). The prominent money manager allegedly created fake companies to gain an illegal advantage in the auctions of cell phone spectrum and in so doing, sought to benefit from public resources. The FCC claimed that the bogus telecommunications entrepreneurs included a former aerobics instructor, the caretaker of Gabelli's vacation home, a retired professional basketball player and a relative of Gabelli who did not know what "spectrum" was or what "FCC" stood for. Gabelli and companies have agreed to pay $130 million to settle fraud allegations and admitted no wrongdoing. (Jul-13-06) [SKY VALLEY JOURNAL]

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