SEC charges Marks Cuban with Insider Trading of Mamma.com
November 18th, 2008 - 12:02 pm ICT by Bupha Ravirot ( Leave a comment )Dallas Mavericks owner Mark Cuban was charged Monday with insider trading for selling 600,000 shares of Mamma.com, reported The Securities and Exchange Commission.
Regarding SEC, in 2004 Cuban was invited to join the stock offering by Mamma.com Inc. after he agreed to keep the information confidential. Cuban became the largest shareholder owning 6.3% of Mamma.com, knowing that the shares would be sold below the current market price, and after receiving the information, he told his broker to sell all 600,000 shares before the public announcement of the offering. By this action, he was charged insider trading for allegedly using confidential information on a stock sale to avoid more than $750,000 in losses.
Cuban disputed the SEC’s judgment and said he would contest them.
Cuban, 50 and a multi billionaire, is a tech entrepreneur who sold his Broadcast.com to Yahoo Inc. in 1999 at the height of the dot-com boom. He bought the Mavericks in 2000 and spent heavily to improve the roster.
Cuban is one of the richest people in the world, according to Forbes magazine, which pegged his net worth at $2.3 billion as of March 2007.
- How the net has made William Shatner richer by $600M - May 04, 2010
- Rajaratnam faces new charges in Goldman Sachs 'fraud' - Apr 17, 2010
- Ex-Goldman Sachs director Gupta arrested, charged in insider trading case - Oct 26, 2011
- Goldman chief alleges Rajat Gupta violated confidentiality code - Mar 24, 2011
- US prosecutor says Rajat Gupta part of insider trading - Mar 05, 2011
- Indian American tipped Rajaratnam about several deals - Mar 25, 2011
- Disney secretary held for insider trading - May 27, 2010
- Rajat Gupta offers to resign as ISB chairman - Mar 21, 2011
- Adi Godrej succeeds Rajat Gupta as ISB chairman - Apr 02, 2011
- Indian American gave secret Intel info to Rajaratnam - Mar 23, 2011
- Indian-American executive sold tips to Rajaratnam for $1.75 million - Mar 11, 2011
- Megaupload founder Kim Dotcom denied bail - Jan 25, 2012
- Former Goldman Sachs director Rajat Gupta hits back at US regulator - Mar 20, 2011
- Rajat Gupta indicted in insider trading case - Oct 26, 2011
- Former Goldman director Rajat Gupta charged in US insider case - Mar 02, 2011
Tags: billionaire, confidential information, current market, dallas mavericks, dallas mavericks owner, dallas mavericks owner mark cuban, entrepreneur, forbes magazine, insider trading, judgment, mamma com inc, mavericks owner mark cuban, net worth, public announcement, richest people in the world, sec charges, securities and exchange, securities and exchange commission, shareholder, yahoo inc
