Attn Mark Cuban, the SEC wants you

[cameraman]

Seems somebody has been a naughty billionaire.


Billionaire entrepreneur Mark Cuban, owner of the National Basketball Association's Dallas Mavericks, was charged Monday by the Securities and Exchange Commission with insider trading.

According to the SEC, Cuban sold 600,000 shares of Internet search company Mamma.com in June 2004 using non-public information.

Cuban is accused of calling his broker and instructing him to sell all of his stock from Mamma.com after receiving the confidential information from the company. linky (http://money.cnn.com/2008/11/17/news/newsmakers/cuban_insider_trading/)

The SEC does civil enforcement, so he ain't going to jail, they will just make him poorer & his life miserable for a while.

[dando]

The SEC does civil enforcement, so he ain't going to jail, they will just make him poorer & his life miserable for a while.

See Stewart, Martha, yo (as a example where this could go).

-Kevin

[Methanolandbrats]

See Stewart, Martha, yo (as a example where this could go).

-Kevin
I think the problem in her case was lying about the situation. The government really hates that.

[cameraman]

See Stewart, Martha, yo (as a example where this could go).

-Kevin

True but none of the reports I have seen involve the DOJ. Not to say it won't happen but at the moment it seems to be an SEC action.

[Insomniac]

Mark Cuban has way too much time and money on his hands. Why is he managing his money that closely?

[Methanolandbrats]

Mark Cuban has way too much time and money on his hands. Why is he managing his money that closely?
That's how he got a lot of money. Once someone "manages" it for you, they will either lose or steal it. Ever had a full service broker? I had one and I got serviced :mad:

[Insomniac]

That's how he got a lot of money. Once someone "manages" it for you, they will either lose or steal it. Ever had a full service broker? I had one and I got serviced :mad:

He made a lot of money starting a company that rebroadcast other's content over the Internet and sold it before Yahoo! realized that the content owners would want to be compensated. :D

There are good money managers out there. Besides, if you're that rich, you get wealth management which is a whole different class. You got serviced so those guys wouldn't. They will cover losses for their rich clients to keep them.

[cameraman]

They will cover losses for their rich clients to keep them.Only because they make so much other money off those rich clients would they cover a loss. Nobody gives anything away.

[Insomniac]

Only because they make so much other money off those rich clients would they cover a loss. Nobody gives anything away.

Ohhh, no doubt. I didn't mean they were trying to keep them to not make money later. They just don't want them taking their $billions elsewhere when they're making 2/20. "It was a rough year, but we're not going to take any of your principal, next year will be better."