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Published November 17, 2008 at 12:35 PM
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 The Securities and Exchange Commission filed an insider trading charges against Mark Cuban Monday, according to a Wall Street Journal report. The billionaire investor and owner of the Dallas Mavericks is being charged with selling his shares in Internet search engine Mamma.com after learning the company was planning to raise money from a private investor.
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The Journal reports:
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.
Now that he has entered Martha Stewart territory, one can expect the normally loquacious Cuban to be somewhat more reserved with how he comments on the case. - George White
Update: See the SEC's "statement of the facts: on Silicon Insider here.
See WSJ storySee Silicon Insider post
Comments
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Shocking statement from Mark Cuban! That no one expected!
watch here: http://tubedirects.net/index.php?q=statement-from-Mark-Cuban