In Gabelli, the SEC brought a civil action against Marc Gabelli, the portfolio manager for the Gabelli Global Growth Fund ("GGGF"), a mutual fund, and Bruce Albert, chief operating officer of Gabelli Funds (an investment adviser to GGGF). The SEC sought to enforce alleged violations of the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 more than five years after an alleged market timing scheme had ended but less than five years after the scheme was discovered. The SEC maintained that because the allegations sounded in fraud, the government's claims did not "accrue" until the government discovered the violations. While the Second Circuit agreed with this position, the Supreme Court indicated last week that it will likely not.