Home MLB News Psst. I'll Trade Ya. Mark Cuban Charged with Insider Trading

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 1111 guests online

Atom RSS

Psst. I'll Trade Ya. Mark Cuban Charged with Insider Trading PDF Print E-mail
User Rating: / 0
PoorBest 
Written by Maury Brown   
Monday, 17 November 2008 13:25

Mark CubanAdd the following as one more reason Mark Cuban is most likely out of the running for the Chicago Cubs.

Cuban has been charged by the SEC for insider trading involving shares of Momma.com. As reported by The AP:

The complaint claims that in 2004 Cuban learned of a private offering of Mamma.com (now known as Copernic) that would decrease the value of his 600,000 shares. It says he then sold off his stake and as a result, reportedly saved $750,000.

"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," said Scott W. Friestad, deputy director of the SEC's Division of Enforcement."It is fundamentally unfair for someone to use access to nonpublic information to improperly gain an edge on the market."

Cuban could not be reached for comment.

Thanks to Todd Radom for the heads up.


Maury Brown

Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is contributor to Baseball Prospectus, and is available as a freelance writer.

Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.

Don't forget to register and log in on The Biz of Baseball site to get updates via your in-box, and see information only logged in members can see.

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?