Reuters: Regulatory News: US top court to hear Marc Gabelli appeal in SEC case

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US top court to hear Marc Gabelli appeal in SEC case Sep 25th 2012, 13:48 WASHINGTON, Sept 25 | Tue Sep 25, 2012 9:48am EDT WASHINGTON, Sept 25 (Reuters) - The U.S. Supreme Court agreed on Tuesday to consider an appeal by fund manager Marc Gabelli, who accused the U.S. Securities and Exchange Commission of waiting too long to bring a civil case accusing him of letting a client engage in so-called market timing. Gabelli, a former portfolio manager at Gabelli Funds LLC, and Bruce Alpert, a former chief operating officer for the funds, had been accused by the SEC of letting Britain's Folkes Asset Management, now known as Headstart Advisers Ltd, secretly conduct hundreds of market-timing trades in the Gabelli Global Growth Fund between 1999 and 2002. The SEC, however, did not sue until April 2008, when Gabelli Funds agreed to pay $16 million to settle related charges.

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