SEC charges Mark Cuban with insider trading
WASHINGTON/NEW YORK (Reuters) – Mark Cuban, owner of the Dallas Mavericks professional basketball team, was charged with insider trading in shares of Mamma.com Inc, an Internet search engine firm, the Securities and Exchange Commission said on Monday. Cuban, one of the five finalists to buy the Chicago Cubs pro baseball team, faces civil charges by acting on nonpublic information and selling his entire stake in Mamma.com to avoid more than $750,000 in losses, the SEC alleged.
Cuban has responded via his blog.
Mark Cuban is the ultimate Bubble Boy. He made his money because of timing more than talent. This sorry episode proves he has more balls than brains.
Bottom line: He risked his freedom for an additional .00075% of his net worth.
I bet he’ll be the best GM the Club Fed basketball team ever had!