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Mark Cuban Charged With Insider Trading..

Quote:

SEC: Dallas maverick improperly dumped 600,000 shares of tech stock

NOVEMBER 17--Mark Cuban, the controversial owner of the Dallas Mavericks basketball team, was charged today with insider trading in connection with the sale of his entire stake in an Internet search engine firm. Cuban was named in a U.S. District Court civil complaint filed today by the Securities and Exchange Commission. A copy of the complaint can be found below. According to the SEC, in June 2004 Cuban dumped his shares in Mamma.com immediately after learning of an impending stock offering that would have diluted the value of his holdings. By selling his 600,000 shares, the 50-year-old billionaire avoided a loss in excess of $750,000, according to government investigators. Cuban, who was then Mamma.com's "largest known shareholder," learned of the future stock offering from the web firm's CEO, and agreed to "keep the information confidential," the SEC contends. Though an "upset and angry" Cuban reportedly told the unnamed CEO, "Well, now I'm screwed. I can't sell," the SEC alleges that he, in fact, moved quickly to unload his Mamma.com shares. Within hours of learning of the stock offering, Cuban allegedly directed his broker to "sell what you can tonight and just get me out the next day." The SEC charges that by "selling his Mamma.com shares prior to the public announcement" of the stock offering, "Cuban avoided losses in excess of $750,000." The SEC lawsuit seeks a court judgment "finding that Cuban violated the antifraud provisions of the federal securities laws," a disgorgement of the losses he avoided, and the payment of a civil monetary penalty.

http://www.thesmokinggun.com/archive...081cuban1.html

I haste that f'n guy anyway..

:o

That has to be a shitty situation to be in. Either way you're fucked.

I haste him, I tell you!!

:shifty:

Martha Stewart allover again.

Too bad.

I would sell my nutsack for him to buy the Rockies

The guys worth billions. Why does he care about 750k?

Hypothetical question here. If you buy a stock in lets say Apple for like, i dunno, 20$ a share. And the CEO runs by you and says " Hey Apple is going bankrupt tommorow ! ". And you just bought 50k shares of Apple at 20$ a share. Do you stay in and take the loss in the ass, or do you save your money and GTFO.

Thats how much of a joke this whole thing is. You're either asking Cuban to play dumb and be an absolute fool, or you're asking him to go to jail. Theres no grey area here. Its pretty hilarious.

Interesting way to look at it.

Either way, I think Cuban is going to lose here, but I'd like him as an owner.

Charged doesn't = convicted, but at the moment it doesn't look too good for him, haste to say it.

HERO, who the was the player I used to support while you hated him, and we had all sorts of feuds? Was it Barry Bonds?

we feuded?

different opinions on that! I think you used to speak about how 'cool' Bonds was or something like that. Where as I thought he was full of himself. So yeah probably him. But I wouldn't call having a different opinion that you, a feud.

But now it's on!

There may be a fine line between "info" and "insider trading" but it doesn't change the laws and they're good laws for protection of the general public.

that being said, he's fighting it, claiming it's crap and that it's payback for him being a huge McCain supporter...

lmfao..

by the way, I'm afraid to look... wtf is/was mamma.com?

lol yeah, mamma.com, I would have sold that a while ago anyway

(says TPWW.net/forums poster who doesn't have money or a job right now)