Gamco Investors chief Mario Gabelli, a Wallstreet stallwart, is facing fraud charges from the Justice Department in relation to Gabelli companies' involvement in wireless telephone license bidding in the 1990s. The government response comes on the heels of a lawsuite filed against Gabelli and associated companies back in 2001 and concerns 12 FCC sponsored auctions in which the firms took part. Gabelli, for his part, is planning to fight the suit.

More on the case against Gabelli here.

- MDT

Labels: Department of Justice