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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)
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Fast Facts
- Date SEC charges filed: November 17, 2008SEC: SEC Files Insider Trading Charges Against Mark Cuban (November 17, 2008)
- Cuban owns the Dallas MavericksSEC: SEC Files Insider Trading Charges Against Mark Cuban (November 17, 2008)
- Cuban reportedly one of the frontrunners to purchase the Chicago Cubs
- Cuban invested in search engine Mamma.com in 2004SEC: SEC Files Insider Trading Charges Against Mark Cuban (November 17, 2008)
- Cuban accused by SEC of selling 600,000 shares after learning of stock offeringSEC: SEC Files Insider Trading Charges Against Mark Cuban (November 17, 2008)
- Mamma.com stock offering would have diluted stock valueSEC: SEC Files Insider Trading Charges Against Mark Cuban (November 17, 2008)
- Cuban allegedly saved $750,000 by sellingSEC: SEC Files Insider Trading Charges Against Mark Cuban (November 17, 2008)
- Cuban responded to charges in his blogBlog Maverick (The Mark Cuban Weblog): The SEC (November 17, 2008)
- Cuban called charges "false"Blog Maverick (The Mark Cuban Weblog): The SEC (November 17, 2008)
- Cuban one of the initial investors in Mahalo
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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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SEC: SEC Files Insider Trading Charges Against Mark Cuban
sec.gov (November 17, 2008) -
Blog Maverick (The Mark Cuban Weblog): The SEC
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ESPN Video: Cuban charged with insider trading (Time: 1:59)
sports.espn.go.com
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SEC: SEC Files Insider Trading Charges Against Mark Cuban
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View All Mark Cuban Insider Trading Questions (547) | Ask a QuestionBuffalo Sabres trade activity? (1 Answer)I could not find any official-sounding rumors -- but man, do you Sabres fans want a meaningful trade to pop up! And from what I gather from the tone of ... read moreHow many publicly traded companies are there?All of them http://www.wall-street.com/traded.html read moredid he sell the laker team to mark cuban? (2 Answers)That story was reported on Yahoo Sports news on April 1 of this year. http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Breaking-news-Mark-Cuban-buys-Lakers?urn=nba,152044 http://en.wikipedia.org/wiki/April_Fools_Day read moreWas Mark Cubans apology on his blog enough? (1 Answer)Despite his written apology and the hospitality offer, apology in person is a nicer gesture. It might also require the NBA, the owner of the Denver Nuggets, Kenyon Martin and ... read more
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