Monday, November 17, 2008
CubanSleuth leads to SEC charge?
Earlier today, Mark Cuban was charged with insider trading by the Securities and Exchange Commission. Yes, THAT Mark Cuban, owner of the Dallas Mavericks, billionaire entrepreneur and media icon.
The official complaint (PDF) charges that in 2004 Cuban allegedly received private information from Mamma.com under the conditions of nondisclosure, and that four hours later Cuban dumped his stock shortly before it devalued, saving him approximately $375,000.
Posters at his blog are expressing their outrage: most of it at the SEC. That the bailout occurred without noticeable sanctions appears to be causing some frustration among the faithful.
I also heard a nasty rumor floating around that the SEC might be singling out Cuban at this time because of his financial backing of BailoutSleuth blog, a site dedicated to uncovering the activities between the U.S. Department of Treasury and private companies that the Treasury Department refuses to divulge.
I'm going to dig a bit and see what I can find.
The official complaint (PDF) charges that in 2004 Cuban allegedly received private information from Mamma.com under the conditions of nondisclosure, and that four hours later Cuban dumped his stock shortly before it devalued, saving him approximately $375,000.
Posters at his blog are expressing their outrage: most of it at the SEC. That the bailout occurred without noticeable sanctions appears to be causing some frustration among the faithful.
I also heard a nasty rumor floating around that the SEC might be singling out Cuban at this time because of his financial backing of BailoutSleuth blog, a site dedicated to uncovering the activities between the U.S. Department of Treasury and private companies that the Treasury Department refuses to divulge.
I'm going to dig a bit and see what I can find.
Labels: bailout, Mark_Cuban, SEC
