Mark Cuban ‘insider trading’ charge
p2pnet news view | P2P:- Billionaire Net entrepreneur or Mark Cuban, owner of the Dallas Mavericks, an NBA basketball team and chairman of HDTV cable network HDNet, has been charged by the Securities and Exchange Commission of inside trading.
He allegedly sold 600,000 shares of the stock of an, “Internet search engine company on the basis of material, non-public information concerning an impending stock offering,” says an SEC press statement.
He made the sale, “within hours” of receiving confidential information that the company was about make a stock offering that would dilute existing holdings,” avoiding losses of $750,000, it says, going on:
“When the offering was publicly announced, Mamma.com’s stock price opened at $11.89, down $1.215 or 9.3 percent from the prior day’s closing price of $13.105.”
“I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions,” says Cuban on his site, Blog Maverick, adding:
“The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”
He says he’d like to say more, but, “I will have to leave it to this, and let the judicial process do its job.”
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November 18th, 2008 at 11:08 am
lol, I wonder how many months he will get? Remember Martha Stewart!