Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, January 14, 2009

Gabelli Settles Charges of Failing to Provide Notice of Source of Distributions

On January 12, the SEC settled an enforcement action against investment adviser Gabelli Funds, LLC (Gabelli) for violations of Section 19(a) of the Investment Company Act of 1940 (Investment Company Act) and Investment Company Act Rule 19a-1. Section 19(a) of the Investment Company Act and Investment Company Act Rule 19a-1 require a fund to provide shareholders contemporaneous notices identifying the sources of shareholder payments if any portion of those payments is from sources other than the fund's accumulated net income. The Commission found that from January 2002 to December 2003, two publicly-traded, closed-end funds Gabelli managed, the Gabelli Utility Trust and the Gabelli Convertible and Income Securities Fund Inc., made a total of 31 shareholder distributions that were funded in part from shareholder capital and capital gains. None of those distributions to shareholders were accompanied by the required Section 19(a) notice.  Pursuant to the settlement, Gabelli will pay a penalty of $450,000.

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