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OT: Dallas Mavericks owner charged with Insider Trading

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OT: Dallas Mavericks owner charged with Insider Trading 

Post#1 » by BassMaster » Mon Nov 17, 2008 5:09 pm

Mark Cuban has been charged by the SEC of insider trading. If it is found to be true what does this mean for the owner of the Mavericks.
November 17, 2008: 11:51 AM ET


Dallas Mavericks owner Mark Cuban is accused of insider trading.

NEW YORK (CNNMoney.com) -- Entrepreneur Mark Cuban, owner of the National Basketball Association's Dallas Mavericks, was charged Monday by the Securities and Exchange Commission with insider trading.

According to the SEC, Cuban sold 600,000 shares of Internet search company Mamma.com in June 2004 using non-public information. Cuban is accused of calling his broker and instructing him to sell all of his stock from the Mamma.com after receiving confidential information from the company.

http://money.cnn.com/2008/11/17/news/ne ... /index.htm
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#2 » by Shishnizzle » Mon Nov 17, 2008 5:39 pm

He should be charged with idiocy for putting Dan Rather back on the air. He is the owner of hdnet as well. These leftist keep ripping people off and getting away with it. I hate him.
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#3 » by BassMaster » Mon Nov 17, 2008 6:35 pm

BigCityCat wrote:He should be charged with idiocy for putting Dan Rather back on the air. He is the owner of hdnet as well. These leftist keep ripping people off and getting away with it. I hate him.


Actually I was wondering if he gets convicted what if any are the rules about a Felon owning an NBA team???????
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#4 » by Force9024 » Mon Nov 17, 2008 6:40 pm

cougar13 wrote:
BigCityCat wrote:He should be charged with idiocy for putting Dan Rather back on the air. He is the owner of hdnet as well. These leftist keep ripping people off and getting away with it. I hate him.


Actually I was wondering if he gets convicted what if any are the rules about a Felon owning an NBA team???????


I don't think so, he'll probably get off like everyone else does. Since it's non-NBA related really, I doubt there's any issues with him still owning the franchise but never know..
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#5 » by AdamTheGreek » Mon Nov 17, 2008 6:49 pm

He saved $750,000 off the selling of those shares.
If he's lucky, he'll only have to open up his wallet. I doubt his max penalty would be jail time.
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#6 » by MagicalMan » Mon Nov 17, 2008 7:07 pm

just read he will probably just have to pay twice what he wouldve lost as a fine. And since its a civil case he wont be looking at any criminal charges/conviction.
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#7 » by Force9024 » Mon Nov 17, 2008 7:11 pm

MagicalMan wrote:just read he will probably just have to pay twice what he wouldve lost as a fine. And since its a civil case he wont be looking at any criminal charges/conviction.


I'm sure that's nothing for Mark Cuban, it was stupid... But that's a price you pay for taking a tip.
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#8 » by magicfanatic23 » Mon Nov 17, 2008 8:17 pm

Who cares. I'm sure this happens all the time. They just brought this out b/c he is famous.
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#9 » by mhectorgato » Mon Nov 17, 2008 10:28 pm

wiretap wrote:Cuban Responds To Charges Of Insider Trading
Nov 17, 2008 4:30 PM EST

Mavericks owner Mark Cuban has disputed the allegations by the SEC of insider trading and said he will contest them.

"I am disappointed that the (SEC) chose to bring this case based upon its enforcement staff's win-at-any-cost ambitions. The staff's process was result-oriented, facts be damned. The government's claims are false and they will be proven to be so," Cuban said in his own statement.


http://basketball.realgm.com/src_wireta ... r_trading/
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#10 » by craig01 » Mon Nov 17, 2008 10:39 pm

As long as he didn't lie to the FBI like Martha Stewart, he'll just have to fork over a lot of cash.

He can afford it.
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#11 » by BassMaster » Mon Nov 17, 2008 11:33 pm

craig01 wrote:As long as he didn't lie to the FBI like Martha Stewart, he'll just have to fork over a lot of cash.

He can afford it.


Except he is yelling that he did nothing wrong. So if he fights back it could end up much more then it is now. If he tells someone like the FBI that he did nothing wrong the same thing could happen to him.
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#12 » by craig01 » Tue Nov 18, 2008 2:01 am

It wouldn't surprise me if he did it given how reckless he is.
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Re: OT: Dallas Mavericks owner charged with Insider Trading 

Post#13 » by CourtsideTV » Tue Nov 18, 2008 3:18 am

he was probably getting high with j.howard
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