Mark Cuban accused of insider trading!

[Netted]

Wow... just saw it under breaking news on Yahoo Sports. No article to link to yet.

All it says it this:

Breaking News

Cuban faces charges

The Securities and Exchange Commission accuses Dallas Mavericks owner Mark Cuban of insider trading.

 

[FOMW]

Just when he thought life couldn't get worse . . .

 

[Basileus777]

My condolences Cuban, but I'll always remember how you gifted us with Devin Harris, Ryan Anderson, and a 2010 lotto pick.

 

[jirohkanzaki]

good luck kidd with that $20M extension...lol

 

[Belarus]

Section 21A -- Civil Penalties for Insider Trading
... the Commission--
1. may bring an action in a United States district court to seek, and the court shall have jurisdiction to impose, a civil penalty to be paid by the person who committed such violation; and
2. may, subject to subsection (b)(1) of this section, bring an action in a United States district court to seek, and the court shall have jurisdiction to impose, a civil penalty to be paid by a person who, at the time of the violation, directly or indirectly controlled the person who committed such violation.

http://www.law.uc.edu/CCL/34Act/sec21A.html

 

[Dumpy]

Just don't lie about it, Mark! Martha will tell you what happens then.

 

[razel231]

Well there goes any hope of him owning the cubbies.

 

[Dumpy]

Well there goes any hope of him owning the cubbies.

not really. so long as he doesn't lie about it, he will just have to repay his gains and pay a fine.

 

[danxcr]

well its not gonna be jail time cuz its just a civil inditement

 

[ffz]

all he has to do is just pay the 750k and nothing happens.

 

[Belarus]

all he has to do is just pay the 750k and nothing happens.

can be $2,250,000. but I agree he's not going to jail.

 

[ScoringPG1850]

I think he's trying to go to jail...so he won't have to answer to the fans on why he made such a dumb trade!

 

[xflavioVC15x]

Someone explain to me Insider Trading

 

[soul driver]

when I read the title, I thought at the Garden yesterday, Cuban wanted to meet Thorn and ask for Devin back.

 

[DaRizzle]

Someone explain to me Insider Trading

When you become aware of information that the general public isnt aware of on a stock, and then you make your buying/selling decision based on that information. The crime isnt getting the info, taking action because of it is.

IDEALLY the stock market is supposed to be a level playing field with everyone having access to an equal amount of info

 

[GMJ]

Someone explain to me Insider Trading

Wall Street is actually inside a building.