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Old 11-17-2008, 12:24 PM   #1 (permalink)
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Default Mark Cuban charged with Insider Trading

Uhoh

ESPN - Dallas Mavericks owner Mark Cuban accused of insider trading
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Old 11-17-2008, 12:38 PM   #2 (permalink)
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Uh-oh Hot Dog!
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Old 11-17-2008, 01:00 PM   #3 (permalink)
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The Jason Kidd trade????
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Old 11-17-2008, 01:18 PM   #4 (permalink)
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WASHINGTON (AP)—Federal regulators on Monday charged Dallas Mavericks owner Mark Cuban with insider trading for allegedly using confidential information on a stock sale to avoid more than $750,000 in losses.

The Securities and Exchange Commission filed a civil lawsuit against Cuban in federal court in Dallas. The agency alleged that in June 2004, Cuban was invited to get in on the coming stock offering by Mamma.com Inc. after he agreed to keep the information private.

The SEC said Cuban knew the shares would be sold below the current market price, and a few hours after receiving the information, told his broker to sell his entire stake of 600,000 shares in the search engine company before the public announcement of the offering.

By selling when he did, Cuban avoided losses exceeding $750,000, according to the SEC. At the time of the offering, Cuban was the largest known shareholder in the Montreal-based company, which later changed its name to Copernic Inc.

The SEC is seeking a court judgment against Cuban finding that he violated the antifraud provisions of the federal securities laws, an injunction against future violations, an unspecified civil penalty and restitution of the losses Cuban allegedly avoided.

Unless he is subject to an injunction, Cuban “is likely to commit such violations again in the future,” according to the SEC suit.

Attorneys for Cuban in Washington and Dallas didn’t immediately return telephone calls seeking comment.

Cuban, 50, also owns Landmark Theaters, a large national chain dedicated to independent films, and the HDNet cable television channel.

He is one of the richest people in the world, according to Forbes magazine, which pegged his net worth at $2.3 billion as of March 2007.
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Old 11-17-2008, 01:21 PM   #5 (permalink)
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Interesting news, i heard this on the radio this morning too!
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Old 11-17-2008, 01:43 PM   #6 (permalink)
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Originally Posted by iluvfish2 View Post
He is one of the richest people in the world, according to Forbes magazine, which pegged his net worth at $2.3 billion as of March 2007.
Geeez I could buy myself and some of you guys alot of cases of The Cup with that kind of net worth!!!!
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Old 11-17-2008, 02:08 PM   #7 (permalink)
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Do you think MLB knew something when they said they absolutely wouldn't let him buy the Cubs?
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Old 11-17-2008, 02:32 PM   #8 (permalink)
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he should go to jail...if martha goes to jail, he should go to jail for good...sick of seeing him at the staples center when the mavs are in town to play....always act like a crying fat baby...
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Old 11-17-2008, 02:46 PM   #9 (permalink)
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he should go to jail...if martha goes to jail, he should go to jail for good...sick of seeing him at the staples center when the mavs are in town to play....always act like a crying fat baby...
I was reading a few articles and they said he can't go to jail because it is a civil suit, only be fined a ton of money. Probably more than he saved by doing this. Martha Stewart went to jail for I believe perjury. Didn't she deny that the insider trading happened but was found out later?
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Old 11-17-2008, 03:00 PM   #10 (permalink)
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big difference.. Martha lied to the feds I don't think Cuban would be that stupid to lie to the feds. Plus really does the 750,000 mean that much to him... Hes a fricken Billionaire come on Mark use your head...
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Old 11-17-2008, 03:37 PM   #11 (permalink)
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I'm glad that the MLB turned him down with the Cubs. Not because I don't think he would be a hell of an owner for baseball, but because I'm still holding out hope that the dicks that own the Pirates will sell, and he will be there to snatch up his hometown team

I doubt that MLB had any knowledge of this incident though. I'm guessing that they didn't want a "meddling" owner having control of a (I say this loosely) "marquee" team. Too high profile of a team to have an owner that is so in your face like Cuban is.
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Old 11-17-2008, 03:41 PM   #12 (permalink)
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I was reading a few articles and they said he can't go to jail because it is a civil suit, only be fined a ton of money. Probably more than he saved by doing this. Martha Stewart went to jail for I believe perjury. Didn't she deny that the insider trading happened but was found out later?
you are correct. martha denied and lied in court under oath (perjury).
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Old 11-17-2008, 03:53 PM   #13 (permalink)
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WTH didn't Martha pull a Sosa and say no comprende'

I think Martha misunderstood when her lawyer told her if convicted she'd be seeing alot of matching and unmatching curtains and drapes and wanted to help those poor girls who's didn't match.
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Old 11-17-2008, 10:27 PM   #14 (permalink)
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Originally Posted by wolffer12 View Post
big difference.. Martha lied to the feds I don't think Cuban would be that stupid to lie to the feds. Plus really does the 750,000 mean that much to him... Hes a fricken Billionaire come on Mark use your head...

How do you think he got to be a billionaire??

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