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Old Nov 17, 2008, 09:21 PM   #1
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Lupine
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Default Mark Cuban vs SEC - Charged with insider trading

Cuban about to get smoked?

WASHINGTON -- 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.

Cuban disputed the Securities and Exchange Commission's allegations and said he would contest them.

In a civil lawsuit filed in federal court in Dallas, the SEC 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.

Cuban owned 6.3 percent of Mamma.com's stock at that time and was the largest known shareholder in the search engine company, according to the SEC. The agency said Cuban knew the shares would be sold below the current market price, and a few hours after receiving the information, he told his broker to sell all 600,000 shares before the public announcement of the offering.

By selling when he did, Cuban avoided losses exceeding $750,000, the SEC said in its lawsuit.

-- snip --

Cuban's lawyer said in a statement that the SEC's case "has no merit and is a product of gross abuse of prosecutorial discretion."

"Mr. Cuban intends to contest the allegations and to demonstrate that the (SEC's) claims are infected by the misconduct of the staff of its enforcement division," Ralph Ferrara wrote in a note posted on Cuban's blog.

Source & Full Article @ Sportsline.com
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Old Nov 17, 2008, 11:58 PM   #2
Tyr-Sog
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Hmm, hasn't he been outspoken about the feds in the past?
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Old Nov 18, 2008, 12:02 AM   #3
Greasy
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Must suck to be rich...
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