Tuesday, November 18, 2008

Maverick Mark Cuban in a Crisis

Mark Cuban - a piece or work
or just another billionaire who thinks he's above the laws that the rest of us have to abide by.

A picture of class - Mark Cuban on the dance floor
From today's Wall Street Journal

SEC Calls a Foul on NBA's Cuban, Alleges Insider Trades in Web Firm

The Securities and Exchange Commission filed civil
insider-trading charges against Mark Cuban, saying the Dallas Mavericks owner
dumped his stake in an Internet company just after he heard confidentially that
the company was about to issue low-priced shares.

In the SEC complaint against him, a witness described
how Mr. Cuban allegedly flew off the handle in June 2004 when he was told about
a proposed private offering in Mamma.com, an Internet company in which he had
taken a roughly 6% stake earlier that year. Such an offering was likely to
trigger a decline in the stock's price.

According to the complaint, Mamma.com's chief executive
emailed Mr. Cuban asking him to call as soon as possible. Mr. Cuban called four
minutes later from the arena where the Mavericks play.
"Well, now I'm screwed," Mr. Cuban reportedly said.

Well I can only hope so.

Digg this


Anonymous said...

c'mon, what's wrong with having a little fun with a young hottie or two? he's a billionaire i think he can do what he wants....

Belle de Ville said...

OMG, I don't have a problem with the young hottie!
I have a problem with insider trading. Could you trade on inside infomation and get away with it?
After the scandals we've had on Wall Street from Tyco to Enron to the latest Bailout, I'm tired of Billionaires thinking that they are somehow above the law.

Add to Technorati Favorites