NIGHT STALKER Posted November 17, 2008 Share Posted November 17, 2008 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." Link to comment Share on other sites More sharing options...
Lil Bit Special Posted November 17, 2008 Share Posted November 17, 2008 Goodbye Cubbies. The NBA is full of cheats and scumbags so they will have no problem with this. BTW, has anyone ever heard of this website mamma.com? Link to comment Share on other sites More sharing options...
faba Posted November 17, 2008 Share Posted November 17, 2008 Martha Stewart has a friend now. Link to comment Share on other sites More sharing options...
Thai Jet Posted November 18, 2008 Share Posted November 18, 2008 Martha Stewart has a friend now. She's out...he's in. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.