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Goapics1
11-17-2008, 11:43 AM
Monday, November 17, 2008
Feds charge Mavs owner Cuban with insider trading

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ESPN.com news services

WASHINGTON -- Federal regulators have 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 on Monday in federal court in Dallas. The agency says 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 says 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 all shares in the search engine company.

"As we allege in the complaint, Mamma.com entrusted Mr. Cuban with nonpublic information after he promised to keep the information confidential. Less than four hours later, Mr. Cuban betrayed that trust by placing an order to sell all of his shares," Scott W. Friestad, deputy director of the SEC's Division of Enforcement, said in a statement. "It is fundamentally unfair for someone to use access to nonpublic information to improperly gain an edge on the market."

According to the SEC, the complaint seeks to permanently enjoin Cuban from future violations of the federal securities laws, disgorgement (with prejudgment interest), and a financial penalty.

Information from The Associated Press was used in this report.

http://sports.espn.go.com/nba/news/story?id=3708124

KurtCobain
11-17-2008, 11:44 AM
lock him up.

Demonpenz
11-17-2008, 11:48 AM
damn he is my favorite billionaire.

Basileus777
11-17-2008, 12:40 PM
My condolences Cuban, but I'll always remember how you gifted us with Devin Harris, Ryan Anderson, and a 2010 lotto pick. If you feel the need to unload Dirk or any more draft picks before you go to jail, Rod Thorn is willing to entertain your offers.

Boon
11-17-2008, 12:46 PM
Ask if you can have Marths Stewart's old cell. I'll bet it's decorated pretty nice.

StcChief
11-17-2008, 12:49 PM
dude....mr rich bachelor what are you thinkin'

vailpass
11-17-2008, 12:49 PM
Anyone think he will do even one day in jail?
On the one hand they love to make examples out of high-profile people on the other hand the brother's net worth starts with a 'B' and is plural.

bkkcoh
11-17-2008, 01:05 PM
Anyone think he will do even one day in jail?
On the one hand they love to make examples out of high-profile people on the other hand the brother's net worth starts with a 'B' and is plural.

Can you say Martha?

Goapics1
11-17-2008, 01:06 PM
Can you say Martha?

She went to jail for perjury IIRC not this. Just fined for SEC violations.

googlegoogle
11-17-2008, 01:14 PM
I always thought he was a douchebag. His joke of a company that got him billions was hardly worth it. Stupid yahoo.

mikeyis4dcats.
11-17-2008, 01:23 PM
Anyone think he will do even one day in jail?
On the one hand they love to make examples out of high-profile people on the other hand the brother's net worth starts with a 'B' and is plural.

no, in fact if you read the article thats not even an option listed.

Basileus777
11-17-2008, 01:28 PM
no, in fact if you read the article thats not even an option listed.

Not yet, but this is only the beginning. The U.S. Attorney in Dallas will determine whether Cuban should face criminal charges as well.

Ari Chi3fs
11-17-2008, 01:53 PM
Seriously, who here believes that many, many multi-millionaires were told to get out of the market due to its impending created crash? I do. Many of the world wealthiest people, were advised by those in the know, to get out before they pulled the plug.

Insider trading happens everyday. The dude has multibillions... this was to avoid 750,000 in losses. BFD. The real assholes are way higher on the food chain.





TAGS: Mark Cubans Buy the Royals!, Fuck David Glass, Ari Wears Tinfoil

POND_OF_RED
11-17-2008, 02:17 PM
Dammit. Just one more reason for him not to be an acceptable bidder for the Cubs.

Hermcock
11-17-2008, 03:53 PM
Dammit. Just one more reason for him not to be an acceptable bidder for the Cubs.

Wouldn't surprise me if The Club created this dirt to keep Cuban in his place. The Club didn't have a legitimate reason to keep Cuban out of baseball if he had the highest bid for the Cubs. Now they have sufficient reason to keep him out.

KCCHIEFS27
11-17-2008, 05:01 PM
No big deal at all..where is the line drawn? I bet he goes in front of the SEC and makes them look like fools..
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Ari Chi3fs
11-17-2008, 05:40 PM
I find it interesting that he created a website called, http://bailoutsleuth.com

and a couple weeks later, he gets indicted. Looks like they want him to STFU and STFD.


http://blogmaverick.com/2008/10/17/announcing-bailoutsleuthcom/






TAGS: Corrupt Govt, Martha Stewart Doggystyle, SEC SUCKS SO DOES ACC