Truth & Rumors > NBA
SEC lawyer getting back at Cuban?
Federal regulators on Monday accused Mark Cuban of insider trading, saying he sold shares in an Internet company shortly after learning about a stock offering that was likely to push down the value of his shares. The civil lawsuit involves a 4-year-old stock sale that Cuban has written about on his blog. The U.S. Securities and Exchange Commission alleges that Cuban avoided a $750,000 loss by selling his 6 percent stake after company executives told him confidentially about a stock offering restricted to major investors. However, people close to Cuban suggested the SEC's probe was tainted by an adversarial relationship the entrepreneur had with SEC lawyer Jeffrey Norris in Fort Worth. In one e-mail, Norris criticized Cuban for "smearing the good name of a patriot like President Bush," because of Cuban's reported involvement with a controversial film about the Sept. 11 attacks. Cuban said he played no role with the film, Loose Change. The e-mail exchange was also sent to SEC chairman Christopher Cox. SEC officials said the e-mail was irrelevant because Norris didn't work on the Cuban investigation. Cox didn't vote on the decision to pursue the enforcement case to avoid the appearance of a conflict of interest, SEC officials said.
Mark Cuban, Brian Bahr/Getty Images
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Comments (46) Add A Comment
Yeah it was a smart move, but there area also laws... ie. Martha Stewart... Insider Trading is illegal... He's just luck this is only a civil trial and not a criminal trial...
What Da Bloodclott!!
Total Comments (750)
are...
What Da Bloodclott!!
Total Comments (750)
Feds don't pursue charges in either civil or criminal court unless they have the goods. They have a 90% success rate.
Cuban should cut his losses now and cut a deal.
Otherwise he risks a Martha Stewart outcome. Oh and forget about the Cubs.
there it is
Lutz , FL
Total Comments (19)
Yes, he should just pay the fine and get it over w/. There will be no jail time. If he fights it then he will be charge w/ perjury and it becomes a criminal case. This is where he gets jail time just like Martha Stewart. Martha got jail time because of perjury not because of inside trading.
Guam Baller
Total Comments (3100)
I see this the same way Katt Williams does. This was a hookup. If you could go to jail over a hookup then something is wrong with this country.
I'm sorry if some one told me I got to move my money or lose it, then dammnit I'm moving my money.
J. HOVA: BROOKLYN
Brooklyn, NY
Total Comments (18072)
However, with that said...pay the damn fine. He got that money stuck in a mattress somewhere. Thats chump change for him.
J. HOVA: BROOKLYN
Brooklyn, NY
Total Comments (18072)
Loose Change was a great documentary; showed some ''people's'' true colors.
c_dime
Saint Paul , MN
Total Comments (1)
Yea but the only problem with that is that 99% of the chumps out there dont get that inside infromation so they lose thier shirts. You defend Mark Cuban but you rip the ENRON execs who did the same thing. Send this b@$tard up the river.
No English?
Total Comments (767)
I personally never ripped the Enron guys.
Just letting you know.
J. HOVA: BROOKLYN
Brooklyn, NY
Total Comments (18072)
Cuban didn't become a billionaire by being stupid. This goes on everyday. Every time someone newsworthy is involved, it becomes a story. Talk to the thousands of people who've lost millions because their 401K took a dump, and ask them what they would have done if they had been given the chamce.
Hllywd: Old…
Columbus , OH
Total Comments (7912)
If you dont have a problem with what the ENRON execs did then you are just opening the door for all these crooks to screw over their shareholders. I would like to see Cuban forced to sell the Mavs if hes found guilty.
No English?
Total Comments (767)
And what do you think that would accomplish?
Hllywd: Old…
Columbus , OH
Total Comments (7912)
Well lets see, it will get rid of a convicted felon from the list of NBA owners. Is that enough for you? Sort of like the same reason the 49ers owner Ed Debartelo was forced to lose his ownership becasue of his business dealings outside of football.
No English?
Total Comments (767)
Other than the fact that Cuban owns a pro sports team, how is this article related to sports?
El_Stone
Total Comments (500)
we don't need someone like this to be an owner of a NBA team
noonehere
Total Comments (5)
He
noonehere
Total Comments (5)
He
noonehere
Total Comments (5)
He had
noonehere
Total Comments (5)
He once said to short America Companies to bankruptcy. I think he used his position to profit from the market. I think SEC should look into his trading pattern. I bet they can find more violations.
noonehere
Total Comments (5)
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