Wednesday, March 08, 2006

U.S. to Pursue Fraud Claims Against Mario Gabelli


Mario Gabelli
Image soure: www.gabelli.com


A Reuters newswire article, via Yahoo! News, reports that:

The U.S. Justice Department said on Wednesday it would pursue civil fraud claims against investor Mario Gabelli, alleging that he was at the center of a scheme to deceive the government during federal auctions of wireless telephone licenses in the 1990s.

The main charge in the case is that Gabelli and the other defendants created "sham" bidding entities that defrauded the U.S. Treasury by improperly participating in the auctions.

More here.

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