SEC Charges Mark Cuban with Insider Trading - DFWstangs Forums
 
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post #1 of 10 (permalink) Old 11-17-2008, 11:28 AM Thread Starter
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SEC Charges Mark Cuban with Insider Trading

Doh!


http://www.nbcdfw.com/news/business/...r-Trading.html

Federal regulators on Monday 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 in federal court in Dallas. The agency alleged 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 said 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 his entire stake of 600,000 shares in the search engine company before the public announcement of the offering.

By selling when he did, Cuban avoided losses exceeding $750,000, according to the SEC. At the time of the offering, Cuban was the largest known shareholder in the Montreal-based company, which later changed its name to Copernic Inc.

The SEC is seeking a court judgment against Cuban finding that he violated the antifraud provisions of the federal securities laws, an injunction against future violations, an unspecified civil penalty and restitution of the losses Cuban allegedly avoided.

Unless he is subject to an injunction, Cuban "is likely to commit such violations again in the future," according to the SEC suit.

Attorneys for Cuban in Washington and Dallas didn't immediately return telephone calls seeking comment.

Cuban, 50, also owns Landmark Theaters, a large national chain
dedicated to independent films, and the HDNet cable television channel.

He is one of the richest people in the world, according to Forbes magazine, which pegged his net worth at $2.3 billion as of March 2007.


In other news...the Mavericks actually won a game yesterday.

Last edited by mustang_marc; 11-17-2008 at 11:34 AM.
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post #2 of 10 (permalink) Old 11-17-2008, 11:35 AM
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wow, he is rich!

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post #3 of 10 (permalink) Old 11-17-2008, 11:38 AM
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Look, a third thread!

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post #4 of 10 (permalink) Old 11-17-2008, 05:11 PM Thread Starter
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Quote:
Originally Posted by Magnus
Look, a third thread!
Show me the first 2

Oh wait, the first is in a forum I never visit and the 2nd was posted after this one.
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post #5 of 10 (permalink) Old 11-17-2008, 07:20 PM
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The charges must be true because, according to Lou Holtz, Kirk Herbstreit, and the rest of the ESPN blowhards, the SEC can do no wrong.

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post #6 of 10 (permalink) Old 11-18-2008, 07:04 AM
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Quote:
Originally Posted by ZYouL8R
The charges must be true because, according to Lou Holtz, Kirk Herbstreit, and the rest of the ESPN blowhards, the SEC can do no wrong.

Have you seen the SEC's new television contract with CBS???

They've got power.

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post #7 of 10 (permalink) Old 11-18-2008, 07:21 AM
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Quote:
Originally Posted by ZYouL8R
The charges must be true because, according to Lou Holtz, Kirk Herbstreit, and the rest of the ESPN blowhards, the SEC can do no wrong.

LMFAO!!!


Lou Holtz needs to GTFO of broadcasting and commentating. He sounds like Mushmouth, and inadvertently spits at the camera.
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post #8 of 10 (permalink) Old 11-18-2008, 07:54 AM
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Mark Cuban states it's not true and probably won't face jail time... That's all Dallas needs is more negative media
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post #9 of 10 (permalink) Old 11-18-2008, 09:16 AM
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I still don't get exactly what's wrong with this process.

Mark Cuban is an investor in a company, he gets information based upon his dealings and work with the company, he finds out it's not all it's cracked up to be, he sells his shares.

Now if he had taken his information and put it on his internet blog for the world to know, sure. But he made a personal financial decision based upon information he had.

And it's 750,000, that's like you or me playing with 5,000 dollars in the market.

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post #10 of 10 (permalink) Old 11-18-2008, 09:27 AM
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Originally Posted by The Big Matt
I still don't get exactly what's wrong with this process.

Mark Cuban is an investor in a company, he gets information based upon his dealings and work with the company, he finds out it's not all it's cracked up to be, he sells his shares.

Now if he had taken his information and put it on his internet blog for the world to know, sure. But he made a personal financial decision based upon information he had.

And it's 750,000, that's like you or me playing with 5,000 dollars in the market.


It's the same as being a CEO of say, Countrywide, and selling all of your shares one day to avoid a loss, knowing that the next day the company would be filing for bankruptcy. It's insider information, and it's highly illegal.
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