Mark Cuban, owner of the Dallas Mavericks professional basketball team, was charged with insider trading in shares of Mamma.com Inc, an Internet search engine firm, the Securities and Exchange Commission said on Monday.OH ME!!! OH MY!!!
Cuban, one of the five finalists to buy the Chicago Cubs pro baseball team, faces civil charges by acting on nonpublic information and selling shares of Mamma.com to avoid more than $750,000 in losses, the SEC alleged.
According to the SEC, Mamma.com invited Cuban to participate in a stock offering that would be conducted at a discount to the market price after he agreed to keep the information confidential.
[ cf SEC charges Mark Cuban with insider trading ]
But it is good to see that the SEC is doing it's part to go after those who failed to engage in self regulation, as was the standard of the time....