Say it ain’t so, Mark.
The SEC today charged the Dallas Maverick’s maverick owner Mark Cuban with insider trading. According to the agency, Cuban allegedly received confidential information about an upcoming stock offering from Mamma.com, of which the basketball titan owned 600,000 shares. The SEC claims that Cuban then ordered the sale of the entirety of his stake in the .com prior to the offering, thus avoiding losses of over $750,000.
In response to the charges, 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.”