Hi, Martha? It’s Mark…got a second?
November 17, 2008 · Posted in Big Business Ripoffs, Entertainment, Finance, Financial Crisis, Funny and Odd, People in the news, Sports
The SEC filed charges against our favorite NBA owner today for insider trading.
The filing alleges that in June 2004, Mamma.com Inc. invited Cuban to participate in the stock offering after he agreed to keep the information confidential. The complaint further alleges that Cuban knew that the offering would be conducted at a discount to the prevailing market price and that it would be dilutive to existing shareholders. Then Cuban called his broker instructing him to sell his entire holding of Mamma.com – which saved him $750,000.
A lot of this is Greek to me and I don’t really know what goes into these processes, but keep in mind that Martha went to jail for dumping her stock in imClone, saving her $38,000. These are serious allegations.
I wonder if this popped into the due diligence that was being done by the MLB when he was trying to buy the Cubs?
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Fortunately, most insider trading cases – and indeed this one at this time – are civil. Usually resulting in a fine of triple the avoided loss or the gain.
Martha made her situation far worse by lying to the federal investigators. That is actually what resulted in her prison term as opposed to the insider trading.
Better to say nothing than to lie to the Feds!!!!!
Unfortunately for Cuban the implications are huge, just the fact that this is out there could cost him the MLB franchise if some owners are looking for a reason to KO his proposal.
We is correct, of course, but the case has been submitted to the justice department for possible criminal charges. We shall see if that happens.