Charged for insider trading.
Printable View
Charged for insider trading.
Guess that rules out the Cubs purchase.:rolleyes:Quote:
Originally Posted by billybreen
Nuts. I was hoping he could buy the Cubs or the Pirates. That would have made baseball much more fun to follow. He would have chewed up Bud Selig for breakfast. But even if exonerated, this will set Cuban's plans for world sports domination back a few years...
I love it when he goes bananas at Mavs games. He would fit right in at Cameron.
Well, the SEC doesn't appear to be asking for prison time, just for Cuban to disgorge the $750k plus interest and be enjoined from further violations.
I meant the metaphorical suite reserved from insider trading violators. (Or, I didn't read the article very closely ;))Quote:
Originally Posted by Cavlaw
Better than disgorging his lunch, I suppose... and I like "enjoined from further violations." Too bad the cadence is all wrong, it would be a great cheer at the games: "Zoubs is enjoined from further violations!!"Quote:
Originally Posted by Cavlaw
"According to the SEC, the complaint seeks to permanently enjoin Cuban from future violations of the federal securities laws, disgorgement (with prejudgment interest), and a financial penalty."
That equates to the government saying he isn't allowed to break the law. Anymore.
If I break the law and go before a judge, I'm going to say I want what that penalty for me too.
Martha Stewart got in trouble for lying about it...apparently Cuban probably learned that lesson and fessed up at the approprioate time.
Sounds kind of upside down to me. Cuban is accused of having dumped puplicly traded stock in a company when he learned that the company had raised cash by selling stock in a private placement to raise capital in lieu of taking on additional debt or in order to eliminate existing debt. He reported this on some sort of blog, stating that the entity to which the company sold the stock in the private placement was on his red flag list, which compounded his distaste for the pip practice itself.
Now, I don't know, but I think that a publicly traded company would have to report its intent to make such a stock sale before the sale was made, even though the sale itself, being private, would otherwise not have to be reported. Or, perhaps I am just confused.
Going after a billionaire for supposed insider trading of stock worth $750,000 when he simultaneously blogged about the dump of the stock and stated his reasons for dumping it appears to me to be nothing like Martha Stewart's situation. I think that Cuban has a point here when he questions the SEC's use of resources on such small change.
This is currently a civil proceeding in which the SEC will get its nose bloodied but the Bushovichs who brought it will be long gone by the time it does. If the US Attorney even looks at this case as a possible prosecution I should be tremendously surprised.