'Skins_&_'Stons Posted November 17, 2008 Share Posted November 17, 2008 No surprises here. The guy has always had "douche" written all over him... :2cents: http://sports.espn.go.com/nba/news/story?id=3708124 Click above for the full article. ESPN.com news services Updated: November 17, 2008, 12:46 PM ET 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." Link to comment Share on other sites More sharing options...
RyansRangers Posted November 17, 2008 Share Posted November 17, 2008 uh oh Cuban in big big twuble Link to comment Share on other sites More sharing options...
jthor99 Posted November 17, 2008 Share Posted November 17, 2008 He's a freakin billionaire. From what I understand he will at worst case get heavily fined (atleast that's what the legal guy at my work says...) if that's the case then do you really think he gives a damn? What a million dollar fine to a billionaire? Link to comment Share on other sites More sharing options...
LeesburgSkinFan Posted November 17, 2008 Share Posted November 17, 2008 No Chicago Cubs for him Link to comment Share on other sites More sharing options...
Brad_Edwards_Fan Posted November 17, 2008 Share Posted November 17, 2008 No Chicago Cubs for him I love that situation though... they essentially tried to use him to run up the bidding and now, since so many of the other bidders were so much less liquid in their wealth Cuban is FAR and AWAY the highest bid... Link to comment Share on other sites More sharing options...
RonJeremy Posted November 17, 2008 Share Posted November 17, 2008 http://finance.comcast.net/www/news.html?x=http://76.96.38.13/data/news/2008/11/17/1116870.xml SEC charges Mark Cuban with insider trading By Associated Press 2 HOURS AGO WASHINGTON - Federal regulators have charged 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 says 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. Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed Link to comment Share on other sites More sharing options...
AsburySkinsFan Posted November 17, 2008 Share Posted November 17, 2008 Gotta be quicker than that mate. http://www.extremeskins.com/showthread.php?t=271034 Link to comment Share on other sites More sharing options...
RonJeremy Posted November 17, 2008 Share Posted November 17, 2008 Gotta be quicker than that mate.http://www.extremeskins.com/showthread.php?t=271034 Sorry mate (where are we Australia?). Searched and must have missed it...hangover's are a *****. Link to comment Share on other sites More sharing options...
AsburySkinsFan Posted November 17, 2008 Share Posted November 17, 2008 Sorry mate (where are we Australia?). Searched and must have missed it...hangover's are a *****. It happens to everyone, no worries Link to comment Share on other sites More sharing options...
RonJeremy Posted November 17, 2008 Share Posted November 17, 2008 Here are some more details... http://www.bloomberg.com/apps/news?pid=20601087&sid=afmn2oP6m2Xw&refer=home Mavericks' Cuban Sued by SEC for 2004 Insider Trading By David Scheer Nov. 17 (Bloomberg) -- Billionaire Mark Cuban, the owner of the Dallas Mavericks basketball team, was sued by U.S. regulators over claims he made illegal insider trades four years ago in shares of Internet search company Mamma.com Inc. Cuban, 50, an investor in Mamma.com for four months, became ``very upset and angry'' in 2004 after the company told him in confidence it planned to sell stock below its trading price, the Securities and Exchange Commission said in a civil suit today at federal court in Dallas. Less than four hours later, he sold his 6.3 percent stake, avoiding more than $750,000 in losses after the company's share sale was announced, the SEC said. ``It is fundamentally unfair for someone to use access to nonpublic information to improperly gain an edge on the market,'' Scott Friestad, the SEC enforcement official overseeing the case, said in a statement. Cuban was at the American Airlines Center in Dallas, home of the Mavericks, in late June 2004 when he got an e-mail from Mamma.com's chief executive officer, asking that he call as soon as possible, the SEC said. During an almost nine-minute call, Cuban promised to keep the information secret before learning the company planned a private investment in public equity offering, known as a PIPE. ``Cuban became very upset and angry during the conversation, and said, among other things, that he did not like PIPEs because they dilute the existing shareholders,'' driving down the value of their stock, the SEC wrote in its complaint. At the end of the call, Cuban told the CEO, ``Well, now I'm screwed. I can't sell,'' the SEC said. Fines, Confiscate Gains The agency's suit seeks to impose unspecified fines and confiscate gains from the trades. Reached via e-mail for comment, Cuban responded ``stay tuned.'' His attorneys, Ralph Ferrara of Dewey & LeBoeuf LLP and Paul Coggins of Fish & Richardson LLP, didn't return calls. Montreal-based Mamma.com changed its name to Copernic Inc. in 2007, according to the SEC. Copernic Chief Executive Officer Marc Ferland also didn't return a call seeking comment. Cuban, owner of the HDNet high-definition television channel and the Landmark Theater chain, is among initial bidders this year for Major League Baseball's Chicago Cubs, the team's Wrigley Field home and a stake in a TV network. Sam Zell's Tribune Co. is trying to sell the assets by year-end to help pay off $11.8 billion of debt. A deal requires MLB owners' approval. The SEC's suit ``will put a cloud'' over whether Cuban will buy the team, said sports banker Robert Tilliss of Inner Circle Sports in New York, who isn't involved in the sale. ``This will definitely put some doubts in people's minds about him being an approvable bidder.'' Broadcast.com Baseball spokesman Pat Courtney declined to immediately comment. Tribune spokesman Gary Weitman didn't return an e-mail for comment. Zell's spokeswoman Terry Holt didn't return voice- mail or e-mail messages for comment. Cuban made his fortune through the sale of Broadcast.com, the multimedia Web service he co-founded and which Yahoo! Inc. bought for $4.7 billion in 1999. The next year Cuban purchased the Mavericks from Ross Perot Jr. for $280 million, a record at the time for a National Basketball Association team. The Mavericks became a perennial championship contender under Cuban's control, ending a 10-year playoff drought in his first full season and reaching the NBA Finals in 2006. Cuban, who often watches the Mavericks from courtside wearing a T-shirt and jeans, has racked up more than $1.3 million in fines for his criticism of basketball officials. Link to comment Share on other sites More sharing options...
jthor99 Posted November 17, 2008 Share Posted November 17, 2008 Any legal "experts" on here can verify that this situation is nothing big then a very large fine? I realize this is a BIG deal as far as ESPN is concerned, but could Cuban be facing jail time? I'm being told by a guy at my work No. But, other people are making this out to me some huge deal. Link to comment Share on other sites More sharing options...
ljs Posted November 17, 2008 Share Posted November 17, 2008 question....why is this just now an issue 4 years later? Link to comment Share on other sites More sharing options...
SkinsOrlando Posted November 17, 2008 Share Posted November 17, 2008 Cuban will pay the fine and move on. Link to comment Share on other sites More sharing options...
AsburySkinsFan Posted November 17, 2008 Share Posted November 17, 2008 So why is Cuban's situation any different than Martha Stewart's? Link to comment Share on other sites More sharing options...
jthor99 Posted November 17, 2008 Share Posted November 17, 2008 Mark Cuban is 50? Who would of thunk it Link to comment Share on other sites More sharing options...
HOF44 Posted November 17, 2008 Share Posted November 17, 2008 So why is Cuban's situation any different than Martha Stewart's? I don't think the trade part is that different. Stewart tried to obstruct the investigation by changing records and covering things up. Thats what got her into jail, not the trade. Link to comment Share on other sites More sharing options...
The 12th Commandment Posted November 17, 2008 Share Posted November 17, 2008 Here's the company's web page. Wow 5 stars from some Australian PC magazine! Is that where you got the lingo Asbury? http://www.copernic.com/ Link to comment Share on other sites More sharing options...
Metalhead Posted November 17, 2008 Share Posted November 17, 2008 I find this hard to believe. He probably uses $100 bills to wipe his own butt. No, I take that back. He pays someone else to wipe his butt with $100 bills. Money is nothing to this guy. He pampers his team and players with excess. I can't possibly see how he would have engaged in any form of illegal activity to save what to him is 75 cents to us. Link to comment Share on other sites More sharing options...
Brad_Edwards_Fan Posted November 17, 2008 Share Posted November 17, 2008 I understand and agree with the concept of insider trading restrictions where the employees/family of a company know something is coming and act on it.... however, i have a bit of an issue of this type. So this guy makes an unsolicited call to Cuban and tells him somehting that is going to make his investment worth less money. Know, simply because he was given information that he didnt seek out, he cant protect his financial interests. I know it is a dangerous fine line, but situations like this dont seem quite fair. Link to comment Share on other sites More sharing options...
Spaceman Spiff Posted November 17, 2008 Share Posted November 17, 2008 I understand and agree with the concept of insider trading restrictions where the employees/family of a company know something is coming and act on it.... however, i have a bit of an issue of this type. So this guy makes an unsolicited call to Cuban and tells him somehting that is going to make his investment worth less money. Know, simply because he was given information that he didnt seek out, he cant protect his financial interests.I know it is a dangerous fine line, but situations like this dont seem quite fair. Agreed. It's gotta be hard as hell to get inside info like that and just sit idle on it. Link to comment Share on other sites More sharing options...
DCsportsfan53 Posted November 17, 2008 Share Posted November 17, 2008 No Chicago Cubs for him Seeing as how this is from 2004, you have to wonder if Selig didn't pull some favors since he's reported to despise the idea of Cuban owning a baseball team Link to comment Share on other sites More sharing options...
G.A.C.O.L.B. Posted November 18, 2008 Share Posted November 18, 2008 No Chicago Cubs for him That's the only reason this story is of any interest to me. I was hoping Cuban could've somehow managed to pull the whole Cubbies thing out. I'd love to see him square off against MLB. Maybe he'd be the one who'd force them to get their **** together. Guess it's not gonna happen now, unfortunately. Link to comment Share on other sites More sharing options...
AsburySkinsFan Posted November 18, 2008 Share Posted November 18, 2008 So why is Cuban's situation any different than Martha Stewart's? I heard the difference this morning; right now the insider trading suit is a civil suit not a criminal suit, but they said that the outcome of this suit can often push the move for criminal charges. That was on NPR this morning. Link to comment Share on other sites More sharing options...
Spaceman Spiff Posted November 18, 2008 Share Posted November 18, 2008 So does anyone really care about this? Listening to Cowherd this morning and he brought up some decent points about this. IMO, insider trading isn't that bad...I can understand if you're family or employees of the company, but getting tips like this, who cares? Link to comment Share on other sites More sharing options...
NoleSkin21 Posted November 18, 2008 Share Posted November 18, 2008 Any legal "experts" on here can verify that this situation is nothing big then a very large fine?I realize this is a BIG deal as far as ESPN is concerned, but could Cuban be facing jail time? I'm being told by a guy at my work No. But, other people are making this out to me some huge deal. Its a civil suit against Cuban, not a criminal. Fine only! Link to comment Share on other sites More sharing options...
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