Monday, November 17, 2008

Mark Cuban charged with insider trading

Dallas Mavericks owner Mark Cuban woke up this morning happy that his Mavs outlasted the Knicks in overtime last night to snap their three-game losing streak. Then things got bad.

The Securities and Exchange Commission has filed insider trading charges against Cuban, claiming that he dumped his 6% share of in 2004 after learning the site was raising money through a private venture. The information helped Cuban avoid the loss of $750,000, according to the SEC. If you feel like reading a nine-page .pdf of the complaint, here it is.

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