Mav's Owner Charged With Insider Trading

Earlier today federal investigators charged Dallas Mavericks Owner Mark Cuban with Insider Trading. Cuban tried to avoid a loss of $750,00 by allegedly using confidential information in a stock sale. The SEC (Securities and Exchange Commission) stated that in June of 2004, Cuban was offered into the coming stock of offering by Mamma.com INC even though he agreed to keep the information private. Cuban allegedly knew that the stock was being sold at a lower price than the market price, and a few hours later he told his broker to sell his entire share (600,000). By selling his stocks at the time he did he did not lose the $750,000. "The SEC is seeking a court judgment against Cuban finding that he violated the antifraud provisions of the federal securities laws, an injunction against future violations, an unspecified civil penalty and restitution of the losses Cuban allegedly avoided". Cuban "is likely to commit such violations again in the future," as stated by the SEC unless he is subject to an injunction.

                                                                                                                     
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