Four years ago, the board of directors of the Gabelli Funds conducted a thorough investigation into charges by the Securities and Exchange Commission that market timing had occurred in its funds, according to a press release the invesment manager issued on behalf of one of its former principals who is now under investigation.

That executive, Marc Gabelli, says he is innocent of the charges recently re-issued against him (see "Marc Gabelli Hit With $16 Million Timing Fine," MME 4/25/08).

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