Mavericks Owner Cuban Denies Participation in Insider Trading
Wired PR News.com – Dallas Mavericks owner, Mark Cuban has been accused of insider trading by the Securities Exchange Commission (SEC). As reported by AFP, the billionaire, who is no stranger to controversy, has denied charges that he sold hundreds of thousands of shares in Internet company, Momma.com, due to inside tips not available to the public.
The allegations against Cuban stem from an occurrence in 2004 in which the basketball team owner avoided a $750,000 loss after the sale of his shares in an Internet search engine company. The charges against him have reportedly been pending for two years. Scott Friestad of the SEC was quoted in the AFP report as stating “Mamma.com entrusted Mr. Cuban with non-public information after he promised to keep the information confidential. Less than four hours later, Mr. Cuban betrayed that trust by placing an order to sell all of his shares.”
Cuban purchased the Mavericks in 2000, and has earned a reputation for being outspoken, having been fined over a million dollars for statements made in reference to the NBA and game referees. The Texas businessman released the statement through his blog on the Mavericks website “The government’s claims are false and they will be proven to be so.”
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