The_Isomotion31
formerly thewindscar31
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I just read about this and will def. keep an eye out as this develops.
Mark Cuban charged with insider trading!!
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I don't understand how they can pick and choose who they go after for this.... nearly every person in the market is guilty of this crap in some form oranother - aren't all these people buying stocks based on information they hear about a company? I mean, you don't just go buy or sell something forrandom reasons... you're trying to beat the rest of the market and you expect people not to try to get information about what they're investingthousands and millions of dollars in?
The system is setup for people to be doing this crap... it's what makes the whole thing a joke in the end.
The system is setup for people to be doing this crap... it's what makes the whole thing a joke in the end.
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truth he aint the only one he just got caught
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That is suprisingly low for the feds to go after him. The SEC wants to build a case and have him bring down everyone who was involved. You mightnot like the man but he has a lot of integrity and I don't think he's going to be bullied unless it was someone from the top that dropped dime.Originally Posted by wawaweewa
Holy *$+%.
I knew it.
He's being scapegoated though because he's a well known name and will get plenty of attention in the media.
750k is scraps compared to what others do. I hope he beats the rap and exposes larger fish.
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Please stay in school
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From the ESPN conversation board:
Uh oh, Cuban's in trouble. At least we know he didn't any inside information when he made the Jason Kidd trade.
Corny, but still.
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- Mar 22, 2001
Or maybe Cuban and Stewart just caught as a result of everything coming to light and gettingattention, as opposed to a distraction? Just coincidence, I'm sure.Originally Posted by wawaweewa
It's a distraction. This is like a bad joke.Originally Posted by tmukg21
Does that article say 2004, I mean, really
Hate when people wait a long time to sue over money in the news
People are now starting to realize that something is very wrong with the finance industry so the feds throw them some fresh meat who happens to be a celebrity that many average joes recognize. Just coincidence, I'm sure.
It just so happened that the Martha Stewart case got underway during the height of Enron's collapse and all the ensuing corruption and thievery that was brought into the light then. Again, just coincidence, I'm sure.
Poorly rationalized conspiracy theories FTL.
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I like Cuban. He's clearly being scapegoated and it's not to get him to talk. They're just going after him.Originally Posted by Lazy B
That is suprisingly low for the feds to go after him. The SEC wants to build a case and have him bring down everyone who was involved. You might not like the man but he has a lot of integrity and I don't think he's going to be bullied unless it was someone from the top that dropped dime.Originally Posted by wawaweewa
Holy *$+%.
I knew it.
He's being scapegoated though because he's a well known name and will get plenty of attention in the media.
750k is scraps compared to what others do. I hope he beats the rap and exposes larger fish.
The SEC is just putting on a charade to make it seem like they're actually doing their job.
He's a very wealthy man and probability states that he knows dirt that went on in different businesses. If they're going to scapegoat him I hope hetells them that there are bigger catches out there. I'm sure the SEC knows that though.
He clearly knew what he was doing. He sold his shares because of the public offering that was to occur, prior to that information becoming public record. Therecords show that Cuban knew he could not sell prior to the information being dropped by MAMMA.COM but yet, still sold it all.
His own doing led to the drop in the price, or at least was a large enough factor which is ironic.
TIME LINE:
June 28 2004 - MAMMA.COM CEO contacts Cuban. During the phone call which I'm sure have been logged, the CEO told Cuban about the PIPE which angered Cuban.It angered Cuban enough to say "Well now I'm screwed, I can't sell". Therefore, as you can see, he aknowledged having insider information.They both had agreed early in the conversation that he'd be receiving confidential information.
June 28, 2004 - the then Chairman contacts Cuban and gives him the information for the PIPE sale by Merriman Curhan and Ford who Cuban contacts only to beirritated further. One minute after that call with MCF, Cuban called his broker to unload his full position.
June 28, 2004 - 10,000 shares sold by Cuban
June 29, 2004 - 590,000 shares sold by Cuban
June 29, 2004 after hours - Mamma.com announced the PIPE deal.
Seems like Cuban acted out in a rage, but illegally.
His own doing led to the drop in the price, or at least was a large enough factor which is ironic.
TIME LINE:
June 28 2004 - MAMMA.COM CEO contacts Cuban. During the phone call which I'm sure have been logged, the CEO told Cuban about the PIPE which angered Cuban.It angered Cuban enough to say "Well now I'm screwed, I can't sell". Therefore, as you can see, he aknowledged having insider information.They both had agreed early in the conversation that he'd be receiving confidential information.
June 28, 2004 - the then Chairman contacts Cuban and gives him the information for the PIPE sale by Merriman Curhan and Ford who Cuban contacts only to beirritated further. One minute after that call with MCF, Cuban called his broker to unload his full position.
June 28, 2004 - 10,000 shares sold by Cuban
June 29, 2004 - 590,000 shares sold by Cuban
June 29, 2004 after hours - Mamma.com announced the PIPE deal.
Seems like Cuban acted out in a rage, but illegally.
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Caught? These kinds of things are part and parcel of the market.Originally Posted by eaglebball1499
Or maybe Cuban and Stewart just caught as a result of everything coming to light and getting attention, as opposed to a distraction? Just coincidence, I'm sure.Originally Posted by wawaweewa
It's a distraction. This is like a bad joke.Originally Posted by tmukg21
Does that article say 2004, I mean, really
Hate when people wait a long time to sue over money in the news
People are now starting to realize that something is very wrong with the finance industry so the feds throw them some fresh meat who happens to be a celebrity that many average joes recognize. Just coincidence, I'm sure.
It just so happened that the Martha Stewart case got underway during the height of Enron's collapse and all the ensuing corruption and thievery that was brought into the light then. Again, just coincidence, I'm sure.
Poorly rationalized conspiracy theories FTL.
What did Stewart get scapegoated for? For lying about saving150k? Something like that?
Now they're going after Cuban for 750k?
This is chump change.
I'm sure if they looked real hard there wasn't any insider trading here (just as 1 example):
Poorly rationalized rationale ftw?
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This is a civil complaint and not a criminal one... Calm down.
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...and?
That's because insider trading is very difficult to prove in a criminal court. Especially when the law sanctions certain types of insider trading.
The treasury and the Federal Reserve just pushed close to $3 trillion into the finance industry and the SEC is going after 750k?
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wawaweewa wrote:
...and?
That's because insider trading is very difficult to prove in a criminal court. Especially when the law sanctions certain types of insider trading.
The treasury and the Federal Reserve just pushed close to $3 trillion into the finance industry and the SEC is going after 750k?
Cox has to make it look like he did something. He has been dropping the ball ever since his inception. Now he can be remebered for ousting MarkCubanBecause if Obama doesnt fire him
If they really wanna get Cuban why not get him for selling his company in 99 before the dot.com bubble wonder what he "knew" then
Conspiracy or not if you dont scratch your head over 750K then I dunno what to tell you.
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sucks to be him and martha
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Cox has to make it look like he did something. He has been dropping the ball ever since his inception. Now he can be remebered for ousting Mark Cuban
If they really wanna get Cuban why not get him for selling his company in 99 before the dot.com bubble wonder what he "knew" then
Look at this.
The SEC is seeking a court judgment against Cuban finding that he violated the antifraud provisions of the federal securities laws, an injunction against future violations, an unspecified civil penalty and restitution of the losses Cuban allegedly avoided.
Unless he is subject to an injunction, Cuban "is likely to commit such violations again in the future," according to the SEC suit.
Link
How do they know what he is likely to do?........unless it's "semi-legal" aka "we don't go after the really big fish"
The SEC is admitting that this is done all the time.
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i read that dude's blog regularly, he is a strong economic thinker and seems like a hard worker... he'll probably suck it up and pay the bill, butthat's a pretty messed up charge
from what i understand he had equity in this mama company and the management calls him asking if he would be interested in injecting capital through a privateoffering... this would cause him and all other shareholders to be diluted so he dumped the shares
i mean any individual in their right mind would sell, the only reason it becomes an issue is it wasn't public information and there is an ideology thateveryone should have equal information ... and it's not even like cuban contacted this guy to get information and an advantage over other investors, theycalled him because they thought they could raise money from him and basically let him know he was about to get smacked in the face
it would just be a reactionary thing to dodge getting hit in the face (sell your shares as soon as you knew you were about to get diluted)
they put him in a lose-lose situation
from what i understand he had equity in this mama company and the management calls him asking if he would be interested in injecting capital through a privateoffering... this would cause him and all other shareholders to be diluted so he dumped the shares
i mean any individual in their right mind would sell, the only reason it becomes an issue is it wasn't public information and there is an ideology thateveryone should have equal information ... and it's not even like cuban contacted this guy to get information and an advantage over other investors, theycalled him because they thought they could raise money from him and basically let him know he was about to get smacked in the face
it would just be a reactionary thing to dodge getting hit in the face (sell your shares as soon as you knew you were about to get diluted)
they put him in a lose-lose situation
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This was a message to those bring up jail time...
I personally don't care about him nor do I care about what the SEC may or may not be attempting to do. The fact remains that
he will not be going to jail.
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He got ruffles he will beat it.
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Originally Posted by rickybadman
I know David Stern is asking everyone at the NBA offices if he can fine Cuban for this.
So true.
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I don't understand why insider trading is a crime, it's a crime to find out that if you keep a stock you will lose money so you sell it before it does?*$+* outta here...
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Maybe because thousands of jobs are dependent on it.
mateen cleaves
Banned
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haha
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psssh, i would've done the exact same thing.
