jkrdevil Posted November 17, 2008 Share Posted November 17, 2008 Breaking news per ESPN.WASHINGTON -- Federal regulators have charged billionaire 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.The Securities and Exchange Commission filed a civil lawsuit against Cuban on Monday in federal court in Dallas. The agency said 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.The SEC says Cuban knew the shares would be sold below the current market price, and a few hours after receiving the information, told his broker to sell all shares in the search engine company."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," Scott W. Friestad, deputy director of the SEC's Division of Enforcement, said in a statement. "It is fundamentally unfair for someone to use access to nonpublic information to improperly gain an edge on the market."http://sports.espn.go.com/nba/news/story?id=3708124full complaint: http://assets.espn.go.com/media/pdf/081117...ancomplaint.pdf Link to comment Share on other sites More sharing options...
Seadragon76 Posted November 17, 2008 Share Posted November 17, 2008 Let's see...Martha Stewart got busted for insider trading and had to spend time in jail for it. Granted, it's a nice and posh jail for the rich, but it was jail time.If the SEC can prove that Cuban did break that trust, then he's going to be spending some jail time for it. Link to comment Share on other sites More sharing options...
Mings Posted November 17, 2008 Share Posted November 17, 2008 Let's see...Martha Stewart got busted for insider trading and had to spend time in jail for it. Granted, it's a nice and posh jail for the rich, but it was jail time.If the SEC can prove that Cuban did break that trust, then he's going to be spending some jail time for it.Its civil, not criminal. He would just have to pay a hefty fine. Civil stuff doesn't get jail time I don't think. Link to comment Share on other sites More sharing options...
MVP Posted November 17, 2008 Share Posted November 17, 2008 Just to avoid $750,000? Isn't that amount of money spare change for a guy like him? Link to comment Share on other sites More sharing options...
Seadragon76 Posted November 17, 2008 Share Posted November 17, 2008 Let's see...Martha Stewart got busted for insider trading and had to spend time in jail for it. Granted, it's a nice and posh jail for the rich, but it was jail time.If the SEC can prove that Cuban did break that trust, then he's going to be spending some jail time for it.Its civil, not criminal. He would just have to pay a hefty fine. Civil stuff doesn't get jail time I don't think.I think it could be a criminal charge, but I'm not sure. Either way, this looks bad for Cuban. Link to comment Share on other sites More sharing options...
jkrdevil Posted November 17, 2008 Author Share Posted November 17, 2008 Let's see...Martha Stewart got busted for insider trading and had to spend time in jail for it. Granted, it's a nice and posh jail for the rich, but it was jail time.If the SEC can prove that Cuban did break that trust, then he's going to be spending some jail time for it.Its civil, not criminal. He would just have to pay a hefty fine. Civil stuff doesn't get jail time I don't think.I think it could be a criminal charge, but I'm not sure. Either way, this looks bad for Cuban.Right now it's civil but it could become criminal as well. That's up to the US Attorney. It's important to remember though that Martha was no convicted of insider trading itself but rather for lying to investigators. Either way it could provide grounds for David Stern to suspend him from the day-to-day business of the Mavs if he wanted to. Link to comment Share on other sites More sharing options...
Korkie Posted November 17, 2008 Share Posted November 17, 2008 yeah and MLB will not let him even sniff around the Cubs now, not that they really did before... "The views expressed here are mine and do not reflect the official opinion of my employer or the organization through which the Internet was accessed."Dr. Kelso: My son is a big baseball fan. Not so much playing it, but more the designing and sewing of uniforms.Tyler: That's neat.Dr. Kelso: No, it's not. Link to comment Share on other sites More sharing options...
rams80 Posted November 17, 2008 Share Posted November 17, 2008 Let's see...Martha Stewart got busted for insider trading and had to spend time in jail for it. Granted, it's a nice and posh jail for the rich, but it was jail time.If the SEC can prove that Cuban did break that trust, then he's going to be spending some jail time for it.Its civil, not criminal. He would just have to pay a hefty fine. Civil stuff doesn't get jail time I don't think.I think it could be a criminal charge, but I'm not sure. Either way, this looks bad for Cuban.Right now it's civil but it could become criminal as well. That's up to the US Attorney. It's important to remember though that Martha was no convicted of insider trading itself but rather for lying to investigators. Either way it could provide grounds for David Stern to suspend him from the day-to-day business of the Mavs if he wanted to.I know he would want to, but would such a suspension really be in Stern's best interests?And as a Cardinals fan, I'm happy the Cubs won't have the best owner candidate getting the team. On 8/1/2010 at 4:01 PM, winters in buffalo said: You manage to balance agitation with just enough salient points to keep things interesting. Kind of a low-rent DG_Now. On 1/2/2011 at 9:07 PM, Sodboy13 said: Today, we are all otaku. "The city of Peoria was once the site of the largest distillery in the world and later became the site for mass production of penicillin. So it is safe to assume that present-day Peorians are descended from syphilitic boozehounds."-Stephen Colbert POTD: February 15, 2010, June 20, 2010 The Glorious Bloom State Penguins (NCFAF) 2014: 2-9, 2015: 7-5 (L Pineapple Bowl), 2016: 1-0 (NCFAB) 2014-15: 10-8, 2015-16: 14-5 (SMC Champs, L 1st Round February Frenzy) Link to comment Share on other sites More sharing options...
McCall Posted November 17, 2008 Share Posted November 17, 2008 Let's see...Martha Stewart got busted for insider trading and had to spend time in jail for it. Granted, it's a nice and posh jail for the rich, but it was jail time.If the SEC can prove that Cuban did break that trust, then he's going to be spending some jail time for it.Its civil, not criminal. He would just have to pay a hefty fine. Civil stuff doesn't get jail time I don't think.I think it could be a criminal charge, but I'm not sure. Either way, this looks bad for Cuban.Right now it's civil but it could become criminal as well. That's up to the US Attorney. It's important to remember though that Martha was no convicted of insider trading itself but rather for lying to investigators. Either way it could provide grounds for David Stern to suspend him from the day-to-day business of the Mavs if he wanted to.I know he would want to, but would such a suspension really be in Stern's best interests?And as a Cardinals fan, I'm happy the Cubs won't have the best owner candidate getting the team.No s***. Could you imagine Cuban, in the bleachers, when the Cardinals were in town? Damn. I'd be fearing for the team's safety. https://dribbble.com/MakaioCall Link to comment Share on other sites More sharing options...
Jigga Posted November 17, 2008 Share Posted November 17, 2008 Martha Stewart didn't spend time in the slammer because of her insider trading, but because she lied and obstructed a federal investigation. On January 16, 2013 at 3:49 PM, NJTank said: Btw this is old hat for Notre Dame. Knits Rockne made up George Tip's death bed speech. Link to comment Share on other sites More sharing options...
Gothamite Posted November 17, 2008 Share Posted November 17, 2008 Bingo. That's the difference.He won't do time, but the NBA might come down hard on him. And as mentioned, it gives baseball the grounds they needed to keep him out. The Green Bay Packers Uniform Database! Now in a handy blog. Link to comment Share on other sites More sharing options...
Jigga Posted November 17, 2008 Share Posted November 17, 2008 As much as Stern "likes" Cubes, I hope to God he does something big to send a message. Hey, it's what the people want when it comes to the players when they screw up, right? On January 16, 2013 at 3:49 PM, NJTank said: Btw this is old hat for Notre Dame. Knits Rockne made up George Tip's death bed speech. Link to comment Share on other sites More sharing options...
whitedawg22 Posted November 18, 2008 Share Posted November 18, 2008 I absolutely hate insider trading. It's a manifestation of wealthy people using their privileged information to steal money from the less fortunate.I was fortunate enough to meet Cuban a few years ago at a business seminar, and I had always admired his creative ownership style. No more. The man's scum.EDIT: If, in fact, he's guilty. Of course. But usually in these situations, where there's smoke, there's fire. oh ,my god ,i strong recommend you to have a visit on the website ,or if i'm the president ,i would have an barceque with the anthor of the articel . Link to comment Share on other sites More sharing options...
ferrousoxide66 Posted November 18, 2008 Share Posted November 18, 2008 Just punishment for going with that horrid Mavs logo. Throw the book at the s.o.b. Link to comment Share on other sites More sharing options...
NJTank Posted November 19, 2008 Share Posted November 19, 2008 He should have used insider trading to determine the value of Jason Kidd was about to plunge www.sportsecyclopedia.com For the best in sports history go to the Sports E-Cyclopedia at http://www.sportsecyclopedia.com Link to comment Share on other sites More sharing options...
Jigga Posted November 19, 2008 Share Posted November 19, 2008 He should have used insider trading to determine the value of Jason Kidd was about to plunge It's not insider trading if everyone knows it but you. On January 16, 2013 at 3:49 PM, NJTank said: Btw this is old hat for Notre Dame. Knits Rockne made up George Tip's death bed speech. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.