Mark Cuban charged with insider trading

[RU Rah Rah]

It didn't look as though his bid to buy the Cubs was going anywhere, anyway, but this might seal the deal.

 

From the Wall Street Journal:

The Securities and Exchange Commission filed insider trading charges against Mark Cuban, the outspoken owner of the Dallas Mavericks, for allegedly dumping shares in Mamma.com upon learning it was raising money in a private offering.

The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that Mamma.com was raising money through a private investment in a public entity, or PIPE. The next day, on June 29, the company announced the PIPE financing and shares of the company dropped by more than 10%. By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses.

[And That]

This thread was opened first, and since the topic only has only a vague connection to baseball, we'll keep it in the Off Topic forum.