12:28 PM
Seiken
Season five of Dancing with the Stars contestant/NBA's Dallas Mavericks team owner Mark Cuban is following the footstep of Martha Stewart in stock trading.
The SEC (Securities and Exchange Commission) has charged civil insider-trading charges to Mark Cuban after selling shares of an Internet company (Mamma.com) before an announcement that the company is in a transaction that will reduce the company's shares value in 2004.
By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses.
It is also in the case of Martha Stewart, she was thrown to six months in prison after insider-trading.
UPDATE: Cuban via his blog, "I wish I could say more, but I will have to leave it to this, and let the judicial process do its job." The statement goes on to say the government's insider trading allegation "has no merit and is a product of gross abuse of prosecutorial discretion."
The SEC (Securities and Exchange Commission) has charged civil insider-trading charges to Mark Cuban after selling shares of an Internet company (Mamma.com) before an announcement that the company is in a transaction that will reduce the company's shares value in 2004.
By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses.
It is also in the case of Martha Stewart, she was thrown to six months in prison after insider-trading.
UPDATE: Cuban via his blog, "I wish I could say more, but I will have to leave it to this, and let the judicial process do its job." The statement goes on to say the government's insider trading allegation "has no merit and is a product of gross abuse of prosecutorial discretion."
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1 comments:
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. www.lp.org
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