Mark Cuban future felon?

[Joe Fan]

Charged with insider trading by SEC.

Per CNBC.

 

[Joe Fan]

CNBC says info from WSJ

re: stock called Mama.com

 

[Joe Fan]

regarding stock sale in company that was about to dilute shares

havent seen a print link yet, sorry, all via CNBC over the air

Cuban to contest

apparently he saved ~$750K by getting out of that stock just in time

 

[Joe Fan]

In reply to:

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[Third Coast]

Sounds like it's just going to cost him some cash - something he has plenty of.

 

[DLev]

Yeah, I don't see any criminal penalties being requested...

 

[Joe Fan]

Insider trading can be criminal.

It's up to the SEC to seek civil fines, but they can also refer the matter to the appropriate USA for criminal investigation, something they do alot more now than in the past.

 

[Third Coast]

I think he should avoid any criminal charges as long as he cooperates. Martha Stewart's criminal charges came about when she lied to investigators.

 

[Utkclack15]

At first I thought the SEC was investigating him over the size of Dampier's contract

 

[misirlou]

CNN article I read earlier indicated that this was a civil case only and not criminal. If found guilty he would pay $1.5M (i.e. 2x what he made on the transaction).

 

[BA93]

We're only hearing one side, but it sounds pretty cut and dry. He tells someone that he knows that he can't sell the stock since he has insider info; then he calls his broker to dump all of his shares.

Also makes me think that someone in this company was out to get him by running to the SEC.