Basketball: SEC Charges Mavericks' Owner Cuban with Insider Trading

Dallas Mavericks' owner Mark Cuban has been charged with insider trading by the SEC for using non-public information to avoid $750,000 in stock losses.

According to the suit, Cuban was invited in 2004 to participate in the stock offering for Mamma.com, a search engine website. He was the largest stockholder at the time owning 6.3 percent stake in the company, but Cuban knew the shares would be sold at a loss. He subsequently asked his broker to sell 600,000 shares before the offering went public.

In his own statement, Cuban promised to fight the charges:

I am disappointed that the (SEC) 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.

Cuban is one of the richest men in the world with an estimated worth of $2.3 billion as of 2007. In addition to the Mavericks, he also owns the Landmark Theater chain and HDNet cable channel.

Source: Yahoo! Sports

(Photo: Getty Images)

Rich Rodriguez is a self-described “tennis addict” who not only plays regularly around his home base of Brooklyn, NY but also writes the blog Down the Line!

Comments

[Nike Air Force One]

What bum....

[srdha]

just want so say some thing "great job"

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http://searchbooter.com/

Look at the best search engines from one place!

http://searchbooter.com/