SEC Drops Gabelli Case After 6 Years

The U.S. Securities and Exchange Commission (SEC) agreed to dismiss remaining claims against Bruce Alpert of Gabelli Funds LLC over alleged abuses involving a hedge fund’s rapid trading.

Last August, the SEC had dismissed related claims against Marc Gabelli, daughter of the hedge fund’s founder Mario Gabelli.

Supreme Court’s decision

Last year, the U.S. Supreme Court decided to restrain some powers of the prime federal securities regulator to seek civil penalties after the expiration of the usual time limit for fraud investigation.

The case was primarily concerned with whether the SEC waited for too long to take legal action against mutual fund manager, Marc Gabelli,...