Gabelli Will Pay $130 Million in F.C.C. Settlement

Mario Gabelli, one of Wall Street’s highest paid money managers, and affiliates agreed to pay $130 million to settle a civil-fraud lawsuit that alleged they used sham small-business affiliates to fraudulently buy parts of the U.S. cell-phone spectrum, the Department of Justice said Thursday.
The agreement with the Justice Department ends a six-year legal battle that pitted Gabelli, 63, against Rufus Taylor III, a whistleblower who eventually persuaded the government to take over his civil fraud lawsuit. Taylor will receive $32.2 million of the settlement.