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 release the invesment manager issued last week on behalf former principal Marc Gabelli, who is now under investigation.

Gabelli maintains his innocence 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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