Mark Cuban in trouble

[doobs]

Charged with insider trading.

http://online.wsj.com/article/SB122693827604333637.html

:downspin:

(Not sure this is the right place to post this.)

[IronMexican]

This would be better in the NBA talk/

[ChumpDumper]

Nah, he made himself a political figure recently by complaining there weren't people like him in Obama's cabinet.

[DarkReign]

It doesnt sound all that serious, to be honest.

But I really dont know anything about this sort of crime.

[clambake]

my guess is he's feeling the "Heat" again.

[ChumpDumper]

Cuban's response:

The SEC

Nov 17th 2008 1:20PM

I wish I could say more, but I will have to leave it to this, and let the judicial process do its job.
November 17, 2008
RE: SEC Civil Action in the United States District

for the Northern District of Texas, Dallas Division

Mark Cuban today responded to a civil complaint filed by the United States Securities and Exchange Commission in the United States District for the Northern District of Texas, Dallas Division. In its complaint, the Commission charges that Mr. Cuban engaged in violations of the federal securities laws in connection with transactions in the securities of Mamma.com Inc.

This matter, which has been pending before the Commission for nearly two years, has no merit and is a product of gross abuse of prosecutorial discretion. Mr. Cuban intends to contest the allegations and to demonstrate that the Commission’s claims are infected by the misconduct of the staff of its Enforcement Division.

Mr. Cuban stated, “I am disappointed that the Commission 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.”

http://blogmaverick.com/2008/11/17/the-sec/

[Tully365]

Even jail time at this point wouldn't compare to the troubles he's having with the highly paid employees on his basketball team. I wonder what the Vegas odds are now on Dirk leaving in free agency?

[PixelPusher]

Dammit...I'm way too busy with other crap update the 'ol avatar...

[clambake]

they should at least make him fire some top management people. (nelson)

[doobs]

they're on his ass because he's libertarian

Who cares if he works in a library?

[Tully365]

$750,000!

damn i'm glad they're going after him instead of those top executives who ran the nation's financial firms into the ground and now are robbing taxpayers blind before the whole economy collapses!

Amen.

[BradLohaus]

I wonder how much all of this will end up costing the government by the time it all ends.

Also, $750,000 represents 0.000268 of Cuban's $2.8 billion net worth. That's like a person worth $1 million engaging in insider trading to save $268.

Mark Cuban started a new website recently that is critical of the bailouts:

Mark Cuban, the founder and financial backer of BailoutSleuth...

http://bailoutsleuth.com/

[Spurminator]

Mark Cuban started a new website recently that is critical of the bailouts:

Mark Cuban, the founder and financial backer of BailoutSleuth...

http://bailoutsleuth.com/


I get what you're suggesting, but this investigation began years ago.

[BradLohaus]

Yeah, what they are investigating happened 4 years ago.

Still, I started reading Cuban's new Bailoutsleuth site when it came out, which was only about a month ago, and then all of a sudden...

I just wonder how often stuff like this happens on Wall Street... involving the very same people that just received $700 billion from us... who did not do with it what they said they would (which they knew would happen all along) and then they go after people like Cuban for what is, relatively, peanuts.

Something just don't add up in this equation, ya know?????