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SEC Charges Mark Cuban With Insider Trading
WSJ ^ | today | KARA SCANNELL

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....

http://online.wsj.com/article/SB122693827604333637.html

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy
KEYWORDS: business; cuban; fec; government
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oh Boy!
1 posted on 11/17/2008 9:07:23 AM PST by OL Hickory
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To: OL Hickory

Almost as poor judgment as his decision to hire Dan Rather.


2 posted on 11/17/2008 9:10:17 AM PST by peyton randolph (Give Obama the same respect the Dims gave Bush and watch the howling begin)
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To: OL Hickory
I'm sure that this has absolutely NOTHING to do with this web site that Mark Cuban recently started:

http://bailoutsleuth.com/

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.

3 posted on 11/17/2008 9:11:02 AM PST by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: OL Hickory

Can we add a charge of bad sports ownership?


4 posted on 11/17/2008 9:11:26 AM PST by nufsed
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To: OL Hickory

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.


5 posted on 11/17/2008 9:11:44 AM PST by mlocher (USA is a sovereign nation)
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To: OL Hickory

Basketball fans outside of Dallas are cheering.


6 posted on 11/17/2008 9:11:56 AM PST by ElkGroveDan (Reagan is back, and this time he's a woman.)
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To: nufsed

And bad film producing?


7 posted on 11/17/2008 9:12:18 AM PST by Rocko (America First -- 0bama Last)
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To: politicket

interesting, thanx


8 posted on 11/17/2008 9:12:49 AM PST by nufsed
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To: OL Hickory

Couldn’t happen to a nicer jackass.


9 posted on 11/17/2008 9:13:22 AM PST by HamiltonJay
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To: HamiltonJay

what happened to innocent till proven guilty?


10 posted on 11/17/2008 9:15:02 AM PST by remaxagnt
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To: Rocko

nufsed


11 posted on 11/17/2008 9:16:56 AM PST by nufsed
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To: remaxagnt

We’re just have some fun with the little billionaire. Relax.


12 posted on 11/17/2008 9:17:38 AM PST by nufsed
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To: OL Hickory

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.


13 posted on 11/17/2008 9:20:57 AM PST by A_Tradition_Continues (formerly known as Politicalwit ...05/28/98...Ain't no Newbie!)
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To: OL Hickory

Couldn’t happen to a bigger over bloated ego.


14 posted on 11/17/2008 9:20:58 AM PST by bmwcyle (McCain had no honor when he failed to defend Sarah Palin, Leno was no enough)
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To: OL Hickory

I want to hire that sketch artist.


15 posted on 11/17/2008 9:23:17 AM PST by atm98
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To: bmwcyle

Gee, he will pay a fine, get some bad press, blame Bush and that will be it. Meanwhile he will pocket millions.


16 posted on 11/17/2008 9:23:54 AM PST by EQAndyBuzz ("Control the information, you control the people.")
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To: OL Hickory

could not have happened to a better POS cry baby than this clown...


17 posted on 11/17/2008 9:27:03 AM PST by TV Dinners (Hope is not a Strategy)
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To: OL Hickory
Give the guy a break. He's just trying to make back some of the money he lost financing "Redacted".

I can't say what I think about a guy like Cuban on a public forum.

18 posted on 11/17/2008 9:28:36 AM PST by Carbonsteel
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To: A_Tradition_Continues

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.


19 posted on 11/17/2008 9:29:34 AM PST by squidward
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To: OL Hickory

Ah, the silver linings are starting to emerge. It’s a great day to be an American!


20 posted on 11/17/2008 9:32:33 AM PST by conservative_guyz
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To: remaxagnt
what happened to innocent till proven guilty?

It went out the window when he financed a leftist hit piece against our Marines.

Welcome to Free Republic.

21 posted on 11/17/2008 9:34:30 AM PST by WhistlingPastTheGraveyard
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To: ElkGroveDan

Basketball fans in Dallas are also cheering.


22 posted on 11/17/2008 9:36:18 AM PST by Ironfocus
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To: ElkGroveDan

Aw, gee, we just LOVE him here in San Antonio! Jerk...


23 posted on 11/17/2008 9:36:35 AM PST by jagusafr ("Bugs, Mr. Rico! Zillions of 'em!" - Robert Heinlein)
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To: remaxagnt

Not in cubans sick world lol


24 posted on 11/17/2008 9:37:20 AM PST by italianquaker (When BO won the election the stock market was at 9600 and a tank of gas cost 2 bucks.)
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To: politicket
that this has absolutely NOTHING to do with this web site that Mark Cuban recently started: http://bailoutsleuth.com/ Sadly, my first thought.
25 posted on 11/17/2008 9:41:16 AM PST by TheRiverNile
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To: jagusafr
Aw, gee, we just LOVE him here in San Antonio! Jerk..

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.

26 posted on 11/17/2008 9:51:32 AM PST by ElkGroveDan (Reagan is back, and this time he's a woman.)
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To: remaxagnt

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.


27 posted on 11/17/2008 9:56:57 AM PST by HamiltonJay
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To: OL Hickory
Services him right for A) insider trading, but B) covering for his employee Josh Howard's anti-American tirade.
28 posted on 11/17/2008 10:02:26 AM PST by exist
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To: OL Hickory

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


29 posted on 11/17/2008 10:04:05 AM PST by conservative_guyz
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To: remaxagnt

This isn’t a court room so we are free to assume guilty until proven innocent.


30 posted on 11/17/2008 10:05:45 AM PST by marlon
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To: remaxagnt; OL Hickory
what happened to innocent till proven guilty?

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.

31 posted on 11/17/2008 10:09:06 AM PST by subterfuge (BUILD MORE NUCLEAR POWER PLANTS NOW!!!)
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To: OL Hickory; Grampa Dave

The complaint refers to the guy who ran mamma.com as “an unnamed CEO,” but the Way Back Machine tells all.

http://web.archive.org/web/20040919174649/finance.yahoo.com/q/pr?s=MAMA


32 posted on 11/17/2008 10:09:18 AM PST by library user
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To: HamiltonJay
Couldn’t happen to a nicer jackass.

Mark Cuber had a bit part showing his a** or ?? in the movie Jackass II, right? :)

33 posted on 11/17/2008 10:09:46 AM PST by webschooner (May piss be upon the One)
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To: ElkGroveDan
Basketball fans outside of Dallas are cheering.

Believe me, basketball fans inside of Dallas are cheering to.

34 posted on 11/17/2008 10:10:39 AM PST by dfwgator (I hate Illinois Marxists)
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To: OL Hickory

Hey Mark, “PAY NELLY!”


35 posted on 11/17/2008 10:11:47 AM PST by dfwgator (I hate Illinois Marxists)
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To: OL Hickory

Good, couldn’t happen to a nicer guy.


36 posted on 11/17/2008 10:13:26 AM PST by DesScorp
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To: OL Hickory

Somewhere Don Nelson and Avery Johnson are high-fiving each other and saying, “YESSS!”


37 posted on 11/17/2008 10:14:58 AM PST by dfwgator (I hate Illinois Marxists)
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To: OL Hickory

Being a billionaire won’t help him stay out of jail. Poor guy tried to save $750 thousand via insider trading.


38 posted on 11/17/2008 10:31:56 AM PST by o2bfree
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To: OL Hickory

How do folks this stupid get rich?


39 posted on 11/17/2008 10:36:27 AM PST by Tijeras_Slim
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To: OL Hickory
Isn't Cuban a strong Obama supporter? If he is we won't hear another thing about this.
40 posted on 11/17/2008 10:38:14 AM PST by vetvetdoug
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To: OL Hickory

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.


41 posted on 11/17/2008 10:44:48 AM PST by golf lover
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To: remaxagnt

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.


42 posted on 11/17/2008 11:00:35 AM PST by Retired Greyhound
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To: squidward
I can’t stand this idiot, so (as a Cubs fan)...

Talk about irony.

43 posted on 11/17/2008 11:04:38 AM PST by Minn (Here is a realistic picture of the prophet: ----> ([: {()
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To: OL Hickory

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.


44 posted on 11/17/2008 11:13:41 AM PST by Tublecane
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To: Retired Greyhound

“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.


45 posted on 11/17/2008 11:17:12 AM PST by Tublecane
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To: Tublecane; Retired Greyhound
If you are "insider" at a company...let's say the CFO, the COO, etc...or a part of their staff...and you find out some "news" that probably will drive price...you can't act on that "news".

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.

fwiw-

46 posted on 11/17/2008 11:18:58 AM PST by Osage Orange (Victims that fight back live longer.....................)
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To: Osage Orange

“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.


47 posted on 11/17/2008 11:24:46 AM PST by Tublecane
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To: o2bfree; mlocher
Being a billionaire won’t help him stay out of jail. Poor guy tried to save $750 thousand via insider trading.

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.

48 posted on 11/17/2008 11:26:33 AM PST by freespirited (Honk to indict the MSM for treason.)
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To: Tublecane
The problem is...."insiders" may have the "news" days ahead of you...and the rest of the market.

That's a very distinct advantage........

49 posted on 11/17/2008 11:28:59 AM PST by Osage Orange (Victims that fight back live longer.....................)
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To: Retired Greyhound

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.


50 posted on 11/17/2008 11:30:52 AM PST by DOGEY
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