Mark Cuban Insider Trading

  • Entrepreneur and owner of the Dallas Mavericks Mark Cuban was charged by the SEC with insider trading on November 17, 2008. According to the SEC complaint, Cuban sold 600,000 shares of the Internet search engine Mamma.com in 2004 after learning confidentially that the company was about to engage in a dilutive equity offering.SEC: SEC Files Insider Trading Charges Against Mark Cuban (November 17, 2008) Cuban called the government's charges "false" and criticized the SEC's Enforcement staff's "win-at-any-cost ambitions."Blog Maverick (The Mark Cuban Weblog): The SEC (November 17, 2008)

  • The Allegations

    According to the SEC, Cuban saved $750,000 by selling the stock when he did. After learning that the company was about to dilute its stock price by offering more shares for sale, Cuban allegedly sold the 600,000 shares.SEC: SEC Files Insider Trading Charges Against Mark Cuban (November 17, 2008)

  • Quote

    • "As we allege in the complaint, Mamma.com entrusted Mr. Cuban with nonpublic information after he promised to keep the information confidential. Less than four hours later, Mr. Cuban betrayed that trust by placing an order to sell all of his shares. It is fundamentally unfair for someone to use access to nonpublic information to improperly gain an edge on the market."—Scott W. Friestad, Deputy Director of SEC's Division of EnforcementSEC: SEC Files Insider Trading Charges Against Mark Cuban (November 17, 2008)
    • "“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.”—Mark CubanBlog Maverick (The Mark Cuban Weblog): The SEC (November 17, 2008)

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      Mark Cuban Wins a Big Round Against SEC Insider Trading Rap... http://tinyurl.com/y8h7fa2
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      Judge Dismisses SEC Insider Trading Case Against Mark Cuban: An update to our earlier story about the insider tr.. http://bit.ly/4w7sm7
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      Judge Dismisses SEC Insider Trading Case Against Mark Cuban: An update to our earlier story about the insider tr.. http://bit.ly/4w7sm7 ;-p
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      Judge Dismisses SEC Insider Trading Case Against Mark Cuban: An update to our earlier story about the insider tr.. http://bit.ly/4w7sm7 ...
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      Judge Dismisses SEC Insider Trading Case Against Mark Cuban: An update to our earlier story about the insider tr.. http://bit.ly/4w7sm7 ;-P
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