Mark Cuban charged with Insider Trading?

[housecall]

I heard three times already today so i will post it in case anyone knows more or even interested?

[Roy Hobbs]

Here's the link:

http://sports.espn.go.com/nba/news/story?id=3708124

I guess that eliminates any hope of him owning the Cubs, and could bring some sort of censure from the NBA.

[housecall]

Here's the link:

http://sports.espn.go.com/nba/news/story?id=3708124

I guess that eliminates any hope of him owning the Cubs, and could bring some sort of censure from the NBA.

Didn't the Martha Stewart saga teach him anything? :)Guess Not

[celticmaestro]

Can't say I'm surprised to hear Cuban's been a naughty boy, again.

[crownsy]

as a side notethough, anyone have a bit of a problem with the current insider trading rules?

lets say i have my life savings in coca-cola.

as they are currently constructed, if i found out, through, lets say a leaked email, but anything not a major news story will do, that the CEO of coca cola was about to go on TV the next day and take his pants off to do the rotuine from the crying game while saying that he's firing his whole staff for no reason, I would have to suck it up and take the loss before i sold my shares.

Just seems odd to me. Not really a statement on cuban, just on the rule in general.

[nickagneta]

I think the rules involved are good rules and protect to many people and I think Cuban is definitely a guy that i would put past breaking those rules.

[CelticsWhat35]

I think actions like that are pretty pathetic.  Mark Cuban is worth about $2.6 billion, and he's gonna do something illegal, that would benefit himself and screw the other shareholders??  All of whom are much worse off than he is I would assume.

All of this so he could save $750,000??  Which is less than 0.03% of his net worth.  Cuban has paid more than double that in fines from the NBA.

Would anyone here be willing to screw over a bunch of other people and risk jail time for $50, because relatively speaking, that's essentially what he did.

[SShorefan 3.0]

Here's the link:

http://sports.espn.go.com/nba/news/story?id=3708124

I guess that eliminates any hope of him owning the Cubs, and could bring some sort of censure from the NBA.

Steve Bartman now has a better chance of owning the Cubs!

[Donoghus]

Pretty serious stuff.  SEC doesn't usually go after you unless they have a solid case. 

[housecall]

Avery Johnson must be peeing his pants laughing right now

[nickagneta]

ESPN is reporting that thus far it is just a civil matter and the SEC just might require him to pay the money back or to where it belongs and then pay a fine or three.

Thus far though no criminal charges have occurred.

[EJPLAYA]

They also said that they have until June to decide whether or not they will file those criminal charges, and considering they locked Martha up for a much smaller amount with almost the exact same story, he better hope they don't. The only thing that might save him is that Martha lied about it to the feds which realistically was the only reason she ended up doing jail time. He better come clean in a hurry with an open check book if he wants any chance of staying out of the pokey. Maybe he can keep his innocence in there with free Mavs tickets when he gets out?!

[crownsy]

I think the rules involved are good rules and protect to many people and I think Cuban is definitely a guy that i would put past breaking those rules.

I think the intent of the rules is good, i question how they are enforced. This case (so far) seems pretty cut and dry, but overall, there are alot of times when "inside information" is a loose term that binds you to lose money even when you know your going to lose value.

I question the enforcment, not the intent.

[EatSleepBreatheGreen]

Im sorry, but this is dumb. If I was in his shoes and someone told me "pssst if u dont sell your shares your going to lose money" I would do it too. What am I supposed to do?, "okay thanks for the information, I guess that just sucks for me". I know its illegal(I dont agree with it), but come one. Thats like leaving a Clepto in a convenience store and saying "Hey look over my store for me, Im gonna be gone a couple of hours and by the way theres no cameras in here". So if some info is private and shouldnt be released to the public, whoever is the majority owner should be the only one to know(i know thats not possible). Im just saying, 9/10 would do the same and are lying if they said they wouldnt.

[EJPLAYA]

Im sorry, but this is dumb. If I was in his shoes and someone told me "pssst if u dont sell your shares your going to lose money" I would do it too. What am I supposed to do?, "okay thanks for the information, I guess that just sucks for me". I know its illegal(I dont agree with it), but come one. Thats like leaving a Clepto in a convenience store and saying "Hey look over my store for me, Im gonna be gone a couple of hours and by the way theres no cameras in here". So if some info is private and shouldnt be released to the public, whoever is the majority owner should be the only one to know(i know thats not possible). Im just saying, 9/10 would do the same and are lying if they said they wouldnt.

Which is exactly why the rule is in place.