Mark Cuban in deep shit?
- Thread starter MadJack
- Start date
WASHINGTON -- The Securities and Exchange Commission has accused Dallas Mavericks owner Mark Cuban of insider trading.
The Wall Street Journal on Monday reported that Cuban is alleged to have dumped shares in Mamma.com upon learning it was raising money in a private offering.
In a civil action, the SEC claims Cuban sold his entire 6 percent stake in late June 2004 after learning that Mamma.com was raising money through a private investment in a public entity (also known as PIPE), the Journal reported.
The following day, Mamma.com announced the PIPE financing and shares of the company dropped by more than 10 percent. By selling his ownership stake, Cuban avoided more than $750,000 in losses, the Journal reported
The Wall Street Journal on Monday reported that Cuban is alleged to have dumped shares in Mamma.com upon learning it was raising money in a private offering.
In a civil action, the SEC claims Cuban sold his entire 6 percent stake in late June 2004 after learning that Mamma.com was raising money through a private investment in a public entity (also known as PIPE), the Journal reported.
The following day, Mamma.com announced the PIPE financing and shares of the company dropped by more than 10 percent. By selling his ownership stake, Cuban avoided more than $750,000 in losses, the Journal reported
- Feb 12, 2000
- 10,652
- 39
- 48
- 50
I'm a big fan of Mark Cuban.
This action shows that he still does not have full control over his emotions, though. As a large investor in this company (not sure why), he was pissed that they were going this route for financing. Being pissed, he sold all of his shares. My guess is that he did this before thinking about the full consequences due to the nature of PIPEs traditionally having an immediate negative impact on the stock price.
I think as long as he doesn't lie about doing it, he will pay fines and incur any losses that would have occurred. I think this will be the difference in this and the Martha Stewart case.
This action shows that he still does not have full control over his emotions, though. As a large investor in this company (not sure why), he was pissed that they were going this route for financing. Being pissed, he sold all of his shares. My guess is that he did this before thinking about the full consequences due to the nature of PIPEs traditionally having an immediate negative impact on the stock price.
I think as long as he doesn't lie about doing it, he will pay fines and incur any losses that would have occurred. I think this will be the difference in this and the Martha Stewart case.
It's civil not criminal. I think we would have all done the same thing in his shoes. I really don't understand why it's bad, they made a decision he didn't like and he wanted out.
Couldn't have said it any better.
Personally, I'm not sure ho anyone wouldn't love to work for a guy like Mark Cuban.
- Feb 12, 2000
- 10,652
- 39
- 48
- 50
The only reason that it is bad is that he sold the shares based on information that was not generally available to the public. And he had access to that data because of his relationship as a board member of the company.
I don't hold it against him for wanting to get out, but he must follow the SEC regulations or the markets would be even more crooked than they already are.
I don't hold it against him for wanting to get out, but he must follow the SEC regulations or the markets would be even more crooked than they already are.
billionaire...and what`d he save?....750 g`s?.....
i guess thats why he`s so rich....cut a corner here,be a little slick there....
never liked the guy and wouldn`t mind seeing him get slapped around a bit...times are hard and everybody`s railing on "evil corporate america"...but this guy gets a pass?....
"as i said in the nfl forum,"the white man`s greed keeps a world in need"....
lol....no exceptions...if martha stewart has to take it from behind,i see no reason why cuban should get a reach around...
i guess thats why he`s so rich....cut a corner here,be a little slick there....
never liked the guy and wouldn`t mind seeing him get slapped around a bit...times are hard and everybody`s railing on "evil corporate america"...but this guy gets a pass?....
"as i said in the nfl forum,"the white man`s greed keeps a world in need"....
lol....no exceptions...if martha stewart has to take it from behind,i see no reason why cuban should get a reach around...
I am sure he has lawyers, he will have to pay a hefty fine, no jail time at all. I like the guy, I read his blog now and then, very interesting
Anyone in their right mind would have done exactly what he did when he got the inside info. JMO
Anyone in their right mind would have done exactly what he did when he got the inside info. JMO
i`m saying that if he did the deed,he should pay the piper...
and my personal wish is that they catch him lying to the feds so he can do a little time,just like martha stewart did.....
i don`t like anything about the guy...and i don`t give a shit about his sports affiliations...
that`s me...:shrug:
that was a pretty presumptuous and condescending comment,d.b....
we all have internet access and can read the same articles you can....
Last edited:
Kosar and GMROZ aren't feeling well today, so dawgball is filling in :mj07:
Last edited:
- Feb 12, 2000
- 10,652
- 39
- 48
- 50
http://deadspin.com/5090903/the-mark-cuban-scandal-for-dummies-like-us
i never said he was guilty.....hell,i only know what i read about it(like everybody else).....
just said i`m no cuban fan boy, i don`t like the guy,and it wouldn`t break my heart if he was found guilty..........
let the courts settle it...
i never said he was guilty.....hell,i only know what i read about it(like everybody else).....
just said i`m no cuban fan boy, i don`t like the guy,and it wouldn`t break my heart if he was found guilty..........
let the courts settle it...
Last edited:
