Other Sports OT: Mavs owner Mark Cuban charged by Feds for insider trading

Goapics1 · 11-17-2008, 11:43 AM

Monday, November 17, 2008
Feds charge Mavs owner Cuban with insider trading

--------------------------------------------------------------------------------
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

Quote:

Originally Posted by vailpass

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

Quote:

Originally Posted by bkkcoh

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

Quote:

Originally Posted by vailpass

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

Quote:

Originally Posted by mikeyis4dcats.

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.

teedubya · 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!, **** 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

Quote:

Originally Posted by SEA_OF_RED

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.

11-17-2008, 11:43 AM
Goapics1 Ghetto Superstar Join Date: Apr 2005 Location: Midwest Casino cash: $10004900	OT: Mavs owner Mark Cuban charged by Feds for insider trading Monday, November 17, 2008 Feds charge Mavs owner Cuban with insider trading -------------------------------------------------------------------------------- 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
Posts: 4,756

11-17-2008, 11:44 AM	#2
KurtCobain legend Join Date: Oct 2006 Location: Independence, MO Casino cash: $-1497903	lock him up.
Posts: 28,361

11-17-2008, 11:48 AM	#3
Demonpenz I got Rice cookin in the micro Join Date: Nov 2003 Location: Apartment "G UNIT!" Casino cash: $3202136	damn he is my favorite billionaire. __________________
Posts: 54,237

11-17-2008, 12:40 PM	#4
Basileus777 MVP Join Date: Jan 2006 Location: New Jersey Casino cash: $5515958	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.
Posts: 9,209

11-17-2008, 12:46 PM	#5
Boon a.k.a. Lenny Join Date: Oct 2004 Location: Smack dab in the middle Casino cash: $9637069	Ask if you can have Marths Stewart's old cell. I'll bet it's decorated pretty nice.
Posts: 1,919

11-17-2008, 12:49 PM	#6
StcChief Playing for #1 Draft Pick Join Date: Oct 2003 Location: Just West of Lambs land Casino cash: $10004900	dude....mr rich bachelor what are you thinkin' __________________ sig test for this screwy schema
Posts: 25,901

11-17-2008, 12:49 PM	#7
vailpass Psycho Bag Of Squanch Join Date: Sep 2001 Casino cash: $9594244	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. __________________ “Education is a weapon whose effect depends on who holds it in his hands and at whom it is aimed.” Joseph Stalin
Posts: 69,591

11-17-2008, 01:14 PM	#10
googlegoogle Banned Join Date: Nov 2008 Casino cash: $10004900	I always thought he was a douchebag. His joke of a company that got him billions was hardly worth it. Stupid yahoo.
Posts: 4,700

11-17-2008, 01:53 PM	#13
teedubya Most Valuable Poster Join Date: Oct 2003 Casino cash: $9490002	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!, **** David Glass, Ari Wears Tinfoil
Posts: 36,649

11-17-2008, 02:17 PM	#14
POND_OF_RED The talking stonehead Join Date: Feb 2006 Location: Blue Springs, MO Casino cash: $1863146	Dammit. Just one more reason for him not to be an acceptable bidder for the Cubs.
Posts: 5,687