Four years ago, the board of directors of the
That executive, Marc Gabelli, says he is innocent of the charges recently re-issued against him
"The trading at issue, by a single investment advisor, was not prohibited by the fund's prospectus, and was stopped with Mr. Gabelli's approval 5-1/2 years ago, in August 2002, over a year before the SEC began investigating the mutual fund marketplace for market timing issues," according to the release issued late yesterday.
"Mr. Gabelli never violated any rule or regulation and always managed the mutual funds under his direction lawfully and in the best interests of shareholders," it continues.
Gabelli himself issued the statement: "I intend to clear my name by responding vigorously to this allegation in court."