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Mark Cuban charged with insider trading

marketwatch.com — High-profile billionaire Mark Cuban was charged Monday with insider trading by the Securities and Exchange Commission after he allegedly sold shares of an Internet search company based on non-public information, sparing himself hundreds of thousands of dollars in losses.

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  • ScaredOfTheMan, on 11/18/2008, -2/+4Hope those dance steps are still fresh, time to do the polka to stay out of the poki
    • Xeller, on 11/18/2008, -0/+2He won't be arrested. There WILL be a fine somewhere around a million dollars, but there wasn't an attempt at a cover-up (ie Martha Stewart). He won't be hit with any criminal charges that'll put him in prison.
  • Wryly, on 11/18/2008, -2/+2Lucky him. Now he gets to go to a spa.
  • Cglass, on 11/18/2008, -1/+13Maybe if he traded some more of his players instead of stocks his team wouldn't be sucking the fatty this year. =) They used to be pretty respectable.
  • cbergstrom, on 11/18/2008, -1/+8So much for his bid to buy the Cubs.
  • DeadSkinMask, on 11/18/2008, -1/+5Something tells me this could get in the way of his bid to buy the Chicago Cubs...
  • bearsfan4sho, on 11/18/2008, -8/+2Even though he can be obnoxious, Mark Cuban is a great owner. He comes off as a genuine person, and I hope these allegations are untrue.

    P.S. Please let him buy the Cubs.
  • shakabrah, on 11/18/2008, -0/+13oh mark cuban, such a maverick...
    • IowaDoc, on 11/18/2008, -4/+0Heheee,, and we know how well mavericks fare, don't we?!?
      Doesn't he look like the kind of guy who'd have a three-way with Sarah Palin and hubby?
      The video might make for good viewership and even pay his legal fees.
  • Residents, on 11/18/2008, -0/+12Totally original, I swear.
  • dafragsta, on 11/18/2008, -6/+9... further confirming that Mark Cuban is Dallas' biggest douchebag, which pretty much puts him in the running for biggest douchebag in the world. Yes Mark Cuban is a man of his time and place.
    • itsthebrod, on 11/18/2008, -0/+1Mark Cuban is so far off from the "biggest douchebag in the world" it's not even funny. So he's outspoken and may have done a little insider training... I can still think of tons of other people who still deserve that title. And so can South Park.
  • m7even, on 11/18/2008, -2/+4http://digg.com/tech_news/Mark_Cuban_charged_with_ ...

    3 pages ago.
  • Argentothe1st, on 11/18/2008, -1/+14Its a good thing this has made the front page 3 separate times, I wasn't positive that Cuban had been charged with insider trading the first two, but this seals it...
  • gttim, on 11/18/2008, -2/+4If it is true, he is an idiot. Insider trading to save thousands when you have billions? Similar to what happened with Martha Stewart, very little upside and some serious downside. We'll see how it shakes out.
    • vertigo32, on 11/18/2008, -1/+5Some of the richest people in the world are also the most greedy. That's a big part of how they got that way.

      Plus, they start to think they can get away with anything and that whatever they are doing is 'right'. Unfortunately, with only a few exceptions, they normally DO get away with almost anything. Hell, the odds are you would serve more time in jail getting caught taking $500 out of the register at McDonalds then Cuban will serve for thousands or hundreds of thousands in insider trading.
    • mirunit, on 11/18/2008, -3/+2It is like this. Any money lost that could be avoided, should be avoided. Insider trading is a staple of the business world, I do not even believe he though about what he was doing. The reason people are poor is because the consistently let money slip past them, 5 dollars here and 10 there - it matters as there is an underlying mentality it takes to be wealthy. I would of done exactly what he did in the given situation, except I would of never put my money into what he did. I enjoy how if someone does not throw their money away, they are greedy. Remember, if money is lost it cannot be reallocated to aid the construction of a more efficient business.
  • trentmonica, on 11/18/2008, -2/+4How many of these things are going to make FP? This should have been buried off the charts
  • PGPirate, on 11/18/2008, -7/+6Sweet, i submitted this 20 hour ago, yet this jackass gets FP....ugh
  • badqat, on 11/18/2008, -0/+4This is a civil matter - Cuban hasn't (as of yet) been charged with any criminal activities.
  • Rotzooi, on 11/18/2008, -4/+5***** Mark Cuban, and his brother.
  • Fubarepublic, on 11/18/2008, -7/+3I wonder if he has any friends wanting to commit outrageous insurance fraud, knock down 3 skyscrapers and blame it on terrorists, burning computers and diesel..
    It happened once..
    • JanYpe, on 11/18/2008, -1/+1Retard.
    • CylonsOfTheLamb, on 11/18/2008, -0/+1How in the hell did you manage to escape from that cup with two girls fighting over you?
  • OneEyedParrot, on 11/18/2008, -1/+1I guess he wanted all that P2P to go away so the Internets would be less clogged for him to sell his stocks even faster.
  • Brasky, on 11/18/2008, -3/+7This sounds really fair to someone who invested in your company.

    Terrible search engine Mamma.com: "Mark, wanna know a secret?

    Stock owner getting screwed Mark Cuban: "Uh, sure."

    Terrible search engine Mamma.com: "You gotta keep it confidential."

    Stock owner getting screwed Mark Cuban: "Um, ok."

    Terrible search engine Mamma.com: We're going to start selling some more shares at a value lower than the shares you already own. This will probably devalue those shares. Want to buy more?"

    Stock owner getting screwed Mark Cuban: "No, your company pretty much sucks. I think I will dump these ***** shares so I don't lose more money on this bad company."

    INSIDER TRADING!
    • vertigo32, on 11/18/2008, -1/+8Yup, that's certainly insider trading. If you don't like the laws, don't buy stock - especially in ***** companies that will screw you over.

      Remeber, Mark Cuban wasn't the only person who owned stock in this company. Him screwing over all of the other people who owned this stock and didn't have access to this information makes him worse then the ***** search engine.
    • billizm, on 11/18/2008, -0/+4You could have made your comment much shorter by removing "Terrible search engine ".

      And yes, that is inside trading.It is not fair to all the other existing stock holders. In this case, maybe mamma.com should be in trouble, too.
  • writer0213, on 11/18/2008, -3/+4I'm tired of hearing about Mark Cuban
  • BrokenVisage, on 11/18/2008, -2/+4Screw insider trading, the real hypocracy here are these "popular" Digg users still submitting stories that have ALREADY BEEN REPOSTED yet still getting ridiculously more diggs then the ones before it.
    • oxymoron69, on 11/18/2008, -0/+1I've never heard of the guy/username that submitted this... I wouldn't lump him in with msaleem, crybabyman, zaibatsu and the other bots.
  • SoetoroSux, on 11/18/2008, -2/+1Hopefully the moonbat leftist gets screwed as badly in the Big House as he did the public.
    • dondara, on 11/18/2008, -0/+2Cool, a retard fascist makes a scathing comment that is almost topical but still serves his hillbilly agenda. Way to parrot nonsense, jackass.
  • patondeez, on 11/18/2008, -1/+2let me get this straight, mark cuban has billions of dollars...why do something unethical / illegal to save $750,000?
    • deema1, on 11/18/2008, -0/+1You can ask Martha Stewart the same question because she also took the fall over a fraction of her worth.

      Usually these insider trading cases are over smaller relative amounts because they can hide it more easily. Once the dollar amounts get too large it raises red flags. These people are smart with money, so if they can save a few hundred thousand dollars they're going to do it.
      • Cerebron, on 11/18/2008, -0/+1She only got in trouble for lying, so the lesson to be learned from her is to never speak to police/investigators, 5th amendment style.
      • deema1, on 11/19/2008, -0/+1Well, yeah. She got in trouble for lying about insider trading. But she was lying over a fractional amount. That's the point I'm making.

        I can only hope Cuban takes the same missteps she did because the guy is a bone head.
    • SoetoroSux, on 11/19/2008, -0/+0Other than being a greedy jerk who, like the kennedys or follyweird crew, thinks being wealthy or a celebrity puts him above the law, I can't think of anything.
  • FearSonic, on 11/18/2008, -0/+5AmericanPatriot makes this comment in the original article, and it shows how Mark Cuban probably will not lose this case:

    "Since Mark owned less than 10% of the company shares (6%) he was not and is not considered an "insider" and is therefore not required to disclose any information on his trading of shares to the SEC. Moreover, he owned no duty of fiduciary responsibility to the company as he was not an employee of the company nor had any access to company information other than that which was voluntarily disclosed to him by the company. S.E.C. regulation FD ("Full Disclosure") requires that if a company intentionally discloses material non-public information to one person, it must simultaneously disclose that information to the public at large.

    If the company failed to disclose the PIPE offering to the public on or about the same time that they disclosed this information (which allegedly constitutes the basis for insider trading) to Mark, then the company is in breach of its duties, not Mark.

    Commenter Jeff made this key point at http://www.businessassociationsblog.com/lawandbusi ...
    the_insider_trading_charges_against_mark_cuban/ where there is full analysis of this issue by Professor Bainbridge along with some other insightful comments:

    "Regulation FD prohibits the company from making selective disclosure to shareholders unless those shareholders expressly agree to hold the information in confidence. Merely saying that the information is confidential doesn’t cut it."
  • aimhelix, on 11/18/2008, -1/+2All that money and still all that greed - what a shame.
    Some people can never have enough even though they already have way too much and in the end there's always a high price to pay.
  • CSimonds, on 11/18/2008, -2/+2Meanwhile those who are guilty of REAL insider trading (think Federal Reserve) get off scot free.

    This guy must have sent his campaign donations to the wrong party.
    • LenBaird, on 11/18/2008, -0/+1He was going to support a new version of "Loose Change" is the more likely reason he is suddenly under scrutiny when real criminals get 5 trillion given to them by the Federal government.
  • oxymoron69, on 11/18/2008, -1/+3HAHAHAHAHAHAHAHAHAHAHAHA That's what you get you greedy prick!
    If you're that rich, you should really consider trying to follow the laws. I know some rich ***** get away with cronyism and whatnot, but Mark Cuban must have not paid up his politician friends bill recently :-P

    Oh yes, the satisfaction of seeing a rich man getting his comeuppins, I hope he does some time like Martha Stewart did :-)
  • tgc1, on 11/18/2008, -0/+1So wait, he's just facing a fine then? Pfffffftt... yeah that'll make him tremble in his boots. *eye roll*
  • LMControl, on 11/18/2008, -1/+3Couldn't have happened to a nicer douche-bag.....
  • chicagojack, on 11/18/2008, -1/+1burried for submitting after a lot of people
  • SnakeLemma, on 11/18/2008, -0/+1whats with all the mark cuban stories lately?
  • rodrigorules, on 11/18/2008, -1/+1he actually owns http://sharesleuth.com/staff.html , website whose goal is exposing unethicly traders and companies.

    irony
  • ro2ert, on 11/18/2008, -1/+3Here's the deal, he's been railing against the bailout so it's time to get shut up.
  • jakeson2, on 11/18/2008, -0/+2Cuban needs to make call on Chris Dodd. Get him to hold his hand on this special deal for special people. Dodd is a small time chiseler with his cheap mortgage and interest deal, but on the other hand he does vote in the Congress and as such should be held to even a higher standard than Cuban. Get them both.
  • RationalXubrnce, on 11/18/2008, -1/+2 I wonder who he pissed off, this feels like a bit of a witch hunt.
  • AROERS, on 11/18/2008, -0/+2http://www.bailoutsleuth.com/ is the site he started to bring light the corruption scam the fed is forcing on Americans, so they had to go back to 2004 just to extort some money out of him.
  • DarwinBC, on 11/19/2008, -0/+1Da da da da douche bag!
  • rollin03, on 11/21/2008, -0/+1And someone tell me why Cheney isn't being charged with insider trading?
  •  

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