Skip to comments.SEC Charges Mark Cuban With Insider Trading
Posted on 11/17/2008 9:07:23 AM PST by OL Hickory
****UPDATE**** SEC Charges Mark Cuban With Insider Trading
The Securities and Exchange Commission filed insider trading charges against Mark Cuban, the outspoken owner of the Dallas Mavericks, for allegedly dumping shares in Mamma.com upon learning it was raising money in a private offering....
(Excerpt) Read more at online.wsj.com ...
Almost as poor judgment as his decision to hire Dan Rather.
It seeks to add transparency to where the $700 billion of bailout money is going.
Don't mess with government Mark...they will come after you.
Can we add a charge of bad sports ownership?
To Cuban, the $750,000 loss he avoided is chump change. To me, that is a lifetime of saving for retirement. He did not just cheat the market, he cheated a particular buyer (or buyers). He deserves jail.
Basketball fans outside of Dallas are cheering.
And bad film producing?
Couldn’t happen to a nicer jackass.
what happened to innocent till proven guilty?
We’re just have some fun with the little billionaire. Relax.
Cuban wants to purchase the Chicago Cubs. Without a history of shady dealings on his resume’ Chicago won’t even consider him as a potential owner.
Couldn’t happen to a bigger over bloated ego.
I want to hire that sketch artist.
Gee, he will pay a fine, get some bad press, blame Bush and that will be it. Meanwhile he will pocket millions.
could not have happened to a better POS cry baby than this clown...
I can't say what I think about a guy like Cuban on a public forum.
I believe MLB already denied him a shot at buying the Cubs. I can’t stand this idiot, so (as a Cubs fan) I was happy to hear it.
Ah, the silver linings are starting to emerge. It’s a great day to be an American!
It went out the window when he financed a leftist hit piece against our Marines.
Welcome to Free Republic.
Basketball fans in Dallas are also cheering.
Aw, gee, we just LOVE him here in San Antonio! Jerk...
Not in cubans sick world lol
He's the George Steinbrenner of basketball. An owner who goes out of his way to make the fans of the other teams hate him.
Oh, he’ll have his day in court, but I’ve met the guy, I have no doubt he’s guilty.. will it be proven in court, who knows.
Come on SEC.. make an example out of him!!! He’s an arrogant SOB.
Take him out at the knees like you did that other big insider trader - Martha Stewart
This isn’t a court room so we are free to assume guilty until proven innocent.
Who said he was guilty? The artilce says he was charged and OL Hickory didn't claim he was guilty of anything but being a jackass, which is a proved fact. Stick around, maybe you'll learn something.
The complaint refers to the guy who ran mamma.com as “an unnamed CEO,” but the Way Back Machine tells all.
Mark Cuber had a bit part showing his a** or ?? in the movie Jackass II, right? :)
Believe me, basketball fans inside of Dallas are cheering to.
Hey Mark, “PAY NELLY!”
Good, couldn’t happen to a nicer guy.
Somewhere Don Nelson and Avery Johnson are high-fiving each other and saying, “YESSS!”
Being a billionaire won’t help him stay out of jail. Poor guy tried to save $750 thousand via insider trading.
How do folks this stupid get rich?
Shades of Martha Stewart! Let’s see if the feds give Cuban the same treatment. I really think Martha had bad lawyers plus being female. Should have only paid a huge fine and been put on probation. The people responsible for the currant economic crisis are the real crooks and deserve way more punishment and jail time.
Here is what I don’t get. After he found out this insider information, what was he supposed to do...hold on to the shares and lose the money?
Insider trading laws are stupid. People should have the right to trade with whatever info they have.
Let the markets be free.
Talk about irony.
I may be naive3, but tell me again why insider trading is a crime. Is it supposed to constitute fraud? For me, I want all the information I can get, I tell you.
“Insider trading laws are stupid. People should have the right to trade with whatever info they have.”
Bravo! It is possible to “cheat” the stock market, of course (bridge financing for a B.S. company, for instance). I just don’t see insider trading as it.
That's insider trading.....it's illegal, and should be.
That being said....I know, and maybe you know it too...that "news" gets leaked...all the time.
“and you find out some ‘news’ that probably will drive price...you can’t act on that ‘news’.”
Maybe it’s just me, but I think any price, be it for stocks or apples, should reflect the most recent news. The more perfect the information, the better the market. How long do we have to wait to see an accurate price so that everything’s all fair? It seems silly to me to punish people for acting in their own best interest, and it seems rather arbitrary where they draw the line between insider and outsider information.
These arent criminal charges. SEC only has authority to file civil charges.
He'll pay a fine and disgorge the profits, and I guess continue his usual ranting and raving.
That's a very distinct advantage........
Let the markets be free.
That’s pretty convoluted under these circumstances. The point of the laws are to protect the integrity of the market. He allegedly had information that was not available to the public. He acted upon it, and some sucker(s) who didn’t have the information bought his shares and lost money. How long do you think the equity markrts would last if people in the know could utilize their knowledge to screw those who didn’t.
If he’s guilty, he should go to jail. I bet his cocky lawyers are already trying to reach a deal with the government.