Mark Cuban, billionaire high-tech entrepreneur and owner of the Dallas Mavericks, is being accused of insider trading.
From the Wall Street Journal:
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.
The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that Mamma.com was raising money through a private investment in a public entity, or PIPE. The next day, on June 29, the company announced the PIPE financing and shares of the company dropped by more than 10%. By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses.
The full text of the complaint can be read here (.pdf).
Mama.com, a search company, was renamed Copernic in June 2007. After selling his stake in Mama.com, Cuban helped launch IceRocket.
As of late, Cuban has been involved in an as-yet-fruitless -- and some say futile -- attempt to buy the Chicago Cubs. News of this SEC allegation will likely end any of that talk.
A prodigious and oftentimes controversial blogger, Cuban has yet to respond to the SEC charge in that forum, one might presume upon the advice of legal counsel.
(Update: Cuban has now responded, on his blog, naturally: "I am disappointed that the Commission chose to bring this case based upon its Enforcement staff's win-at-any-cost ambitions. The staff's process was result-oriented, facts be damned. The government's claims are false and they will be proven to be so."
The headline on his last post is interesting, though: "I hate to lose."
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They're after all the 911 Truthers
They arrested the producer of Loose Change. They hung Deborah Palfrey and one of her workers for hearing too much from DHLS Johns, they shot Roland Carnaby, they fed John O'Neil to /11 Myth Machine. They drowned Colbey. They suicided Dr. Iwins and Dr Kelly.
This is more like what Israel has been doing to Gaza than any America I was taught about - kill or destroy or hide the evidence.
Almost every witness to the missing nuke episode out of Minot AFB has met their maker.
They beat on Qwest's CEO for refusing to pipe through Israel's NARU DHLS taps, and now they beat on Cuban, who was involved in an attempt to Bring Loose Change to the big screen?
O guess ZOGBama will save us - .... riiiight.
SEC Should bust AIG
Insurance fraud is a much bigger crime than 700K worth of insider trading. SEC doesn't know how to prioritize their responsibilitiy to the Common Good.
According to one attorney,
According to one attorney, the Mark Cuban insider trading case may not be helped by the fact that Mark Cuban is a prolific blogger. If the SEC wants, there's lots that Cuban has said that could be used against him...not in a smoking gun type way, but just to make him look bad. This is going to be a tough case for the SEC, since there's always a lot to argue in these cases and Cuban will certainly have a top notch defense team.
Hey Anon: Palfrey committed suicide
Anon attempted writing and failed: "They arrested the producer of Loose Change. They hung Deborah Palfrey and one of her workers for hearing too much from DHLS Johns, they shot Roland Carnaby, they fed John O'Neil to /11 Myth Machine. They drowned Colbey. They suicided Dr. Iwins and Dr Kelly."
Hey Anon--you're wrong about Palfrey. I was a member of her defense team doing general research. She emailed us a forward between her and journalist Jason Leopold stating "the bastards aren't taking me alive." I'm frankly sick of paranoiacs like yourself who really do wish that there was some "Big Daddy" running things behind-the-scenes--you really do want this because the world's too-complicated to understand and because--ultimately--nobody is in control of things.
If whack-jobs like you don't understand that with this economic crisis, you never will, and thankfully, it's your problem. May it continue to torment your puny, ignorant mind, as I assume it does to Alex Jones and Naomi Klein. You're a profoundly ignorant and pathetic little person without much knowledge or any understanding of human history. I would have hidden my identity too. Pathetic, grow a pair.
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