The Sports Guys

Breaking News, In-Depth Analysis, and Intelligent Opinion about everything in the World of Sports

  • Sports

  • Meta

Mavericks’ Owner Mark Cuban Accused of Insider Trading by the SEC

Posted by Kenny Ducey on November 17, 2008

 

Mark Cuban could be in a lot of trouble after the SEC is investigating his role in an insider trading scandal

Mark Cuban could be in a lot of trouble after the SEC is investigating his role in an insider trading scandal

Today Dallas Mavericks’ owner Mark Cuban was accused of using private information to get an edge on stock trading and ultimately save the loss of $750,000.

 

The SEC claimed that Cuban agreed to receive 600,000 shares of Mamma.com, a search engine, and agreed to keep the shares secret to the public.  After this accusation was released, Cuban suspiciously, and subsequently sold all of his shares from Mamma.com.

Cuban strongly denies these allegations.  Late in the Afternoon Monday, one of Mark Cuban’s lawyers said “We’re shocked. We find it incredible that given all the important issues that the SEC has to address with regard to today’s economy they’ve sought to bring a $750,000 case relating to a he-said she-said about one trade against a person whose integrity has never been questioned before with regard to the securities markets.” (Courtesy ESPN.com).

Cuban did use a lot of this money toward the Dallas Mavericks and the NBA, and for apparently this reason, the NBA refused to comment on the story.  I will have more on this investigation as the information becomes available.

Advertisements

5 Responses to “Mavericks’ Owner Mark Cuban Accused of Insider Trading by the SEC”

  1. Mr. Cuban called the government’s allegations false and indicated a belief that SEC staffers were out to get him. He will will vigorously fight to prove his innocence. IMHO this is just another example of the feds unfairly making an example of a high-profile citizen who has dared to publicly criticize the government. $750,000 is chump change to Mark Cuban and he has never made a secret of his sale of mamma.com stock when the company decided to go “private” and change direction. Mr. Cuban is a long time critic of both the federal government and the SEC.

    I hope that this federal targeting will inspire Mr. Cuban to support the Libertarian Party with some of his billions. Government at all levels is too large, too expensive, woefully inefficient, arrogant, intrusive, and downright dangerous. Democratic and Republican politicians have created the status quo and do not intend to change it. http://www.lp.org

  2. steve203 said

    Yea ……… you should leave that NBA stuff with Nike.PLain and simple

  3. Matt said

    Yea agreed with Steve not really intresting. Leave to Nike

  4. Nike had some issues with his version, so I had to write one

  5. Juanita said

    I love looking through a post that will make people
    think. Also, thanks for allowing me to comment!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: