Quote :

"NEW YORK (CNNMoney.com) -- Entrepreneur Mark Cuban, owner of the National Basketball Association's Dallas Mavericks, was charged Monday by the Securities and Exchange Commission with insider trading. According to the SEC, Cuban sold 600,000 shares of Internet search company Mamma.com in June 2004 using non-public information. Cuban is accused of calling his broker and instructing him to sell all of his stock from the Mamma.com after receiving confidential information from the company. The SEC said Cuban knew the stock price was about to fall. The next day, the stock fell 9.3%, and Cuban avoided losses in excess of $750,000 by selling stock the day before, the SEC report said. "As we allege in the complaint, Mamma.com entrusted Mr. Cuban with nonpublic information after he promised to keep the information confidential," said Scott W. Friestad, Deputy Director of the SEC's Division of Enforcement. "Less than four hours later, Mr. Cuban betrayed that trust by placing an order to sell all of his shares." Efforts to reach Cuban for comment were not immediately successful."

http://money.cnn.com/2008/11/17/news/newsmakers/cuban_insider_trading/index.htm

11/17/2008 12:09:25 PM

what a douche

11/17/2008 12:10:32 PM

what is 750k to him?

like 32 cents in real people money?

11/17/2008 12:11:40 PM

what a douche

11/17/2008 12:14:27 PM

he stole intellectual property from Sierra before he went and started his own company

11/17/2008 12:19:25 PM

Marko, I thought the same thing about the martha stuart fiasco, but I have changed my mind, in retrospect.

The rich have to follow the same rules we have to follow. If we let them slide, then it sends the wrong message.

Plus, this is the one transaction the SEC knows about. Decent chance he's done this before and just not gotten caught.

I dont have anything against Cuban. So we'll let the truth prevail.

Last I read, Mark is worth about 1.8 billion. That means he saved 1/2352 percent of his net worth.

[Edited on November 17, 2008 at 12:23 PM. Reason : .]

11/17/2008 12:21:43 PM

If someone told me "Hey Slave, this company is about to shit the bed, take all your money out ASAFP"

I'd do the same goddamn thing

11/17/2008 12:22:34 PM

^ yeah really. i don't know why people put themselves in these situations to begin with.

11/17/2008 1:15:56 PM

^^ Yeah, but you'd be making money at the expense of people who DIDNT know it was going to shit the bed.

That's not fair - your shares cost exactly the same amount as anyone else's. You don't get special privilege.

But all of that is beside the point, because insider trading is illegal because it prevents people from running their companies into the ground and then making a profit at other shareholders' expense.

11/17/2008 1:57:27 PM

Quote :

"CUBAN MISSILE FISCAL CRISIS"

11/17/2008 5:27:21 PM

I used to think Cuban was the man, now I think he's just a big cry baby who wants attention.

This proves my point that hes a douche

11/17/2008 11:36:40 PM

all this coming out probably won't help him with his bid to buy the Chicago Cubs

Thank goodness; as a huge Reds fan, i did not want him and all his money getting the Cubs.

11/17/2008 11:41:28 PM

The funniest part about all of this is that he wrote a column on Huffington Post a few days ago about how Obama's economic advisory board was a failure because it "didn't have any entrepreneurs" on it.

Basically he was whining because he didn't get put on the board and wanted to make it seem like he was the hottest fucking shit since sliced bread.

My, this irony is delicious. What's in it? A Cuban?

11/17/2008 11:57:46 PM