Mark cuban offered 30 million for company

Mark Cuban, a billionaire Internet entrepreneur who owns the Dallas Mavericks basketball team, has been charged by the SEC in a civil case with insider trading.The federal Securities and Exchange Commission contends that Cuban acted almost immediately to sell his entire position in Mamma.com Inc.in 2004, after the online search engine company confidentially told Cuban—then its biggest shareholder—that a discounted share offering was planned, according to the Chicago Tribune. Selling his 600,000 shares before the offering was publicly announced saved Cuban more than $750,000 in losses, the SEC alleges.“Among his various ventures Cuban is also the majority partner of sharesleuth.com, which purports to expose securities fraud,” reports Wired.The complaint, which was filed in U.S. District Court for the Northern District of Texas, “alleges that Cuban violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 … [Read more...] about SEC Sues Billionaire Mavericks Owner Mark Cuban, Alleges Insider Trading

Billionaire Mark Cuban faces trial beginning today in a civil insider-trading suit by the Securities and Exchange Commission.The SEC says Cuban sold his shares in Mamma.com after he learned from its CEO that the Internet search company was planning a private stock offering, report Reuters and the New York Times DealBook blog. According to the SEC’s allegations, the CEO hoped to bring Cuban on board, and Cuban had agreed to keep the information confidential.Cuban sold his 6.3 percent stake in the company, avoiding a $750,000 loss, the SEC says. The Dallas Mavericks owner maintains the information was not confidential and it was not material.Cuban’s net worth is estimated at $2.5 billion, while the potential fine is about $2 million, DealBook says. University of Denver securities law professor Jay Brown tells Reuters that the SEC probably preferred to settle. “The fact it is going forward is probably motivated by Mark Cuban’s desire for vindication,” he … [Read more...] about Billionaire Mark Cuban seeks vindication in insider-trading trial that starts today

Lawyers for billionaire Mavericks owner Mark Cuban are defending civil accusations of insider trading on his blog and leveling their own charge of misconduct against the Securities and Exchange Commission.Lawyers from Dewey & LeBoeuf write on the blog that Mark Cuban never agreed to keep information confidential about a proposed stock offering in Mamma.com, Reuters reports. The Securities and Exchange Commission claims a confidential conversation spurred Cuban to sell his stock in the search engine company before it was diluted by the offering.Law firm partner Ralph Ferrara writes that “Cuban intends to contest the allegations and to demonstrate that the commission’s claims are infected by the misconduct of the staff of its enforcement division.”While Ferrara did not detail the alleged misconduct, the New York Times obtained an e-mail message said to be from SEC lawyer Jeffrey B. Norris that offers a clue. The Norris e-mail criticizes Cuban for financing a … [Read more...] about Dewey Lawyers Defend Mark Cuban on Blog, Claim SEC Misconduct

A high-profile insider-trading case against the billionaire owner of the Dallas Mavericks has ended badly for the government.A federal jury in Dallas deliberated for less than a day before finding Mark Cuban not liable in the civil case brought by the Securities and Exchange Commission, Bloomberg reports.He had been accused of selling shares in Mamma.com after learning from the Internet search engine’s CEO about a private stock offering that would have lessened the value of Cuban’s majority stake in the company.The SEC said Cuban promised to keep the information confidential. He said he didn’t, plus, he contended, the information was not material.The case reportedly went to trial because Cuban wanted vindication, and he got it.“I said I wouldn’t be bullied. She tried to be a bully,” he said of attorney Jan Folena, the lead trial lawyer for the SEC. “They weren’t trying to use facts to convince the jury, they were trying to deceive the … [Read more...] about Billionaire Mark Cuban wins SEC insider-trading case, calls lead trial lawyer for agency ‘a bully’

Billionaire entrepreneur Mark Cuban told CNBC on Monday that he's holding much more cash than he normally does because he's concerned about the stock market and U.S debt levels. "I'm down to maybe four dividend-owning stocks, two shorts, and Amazon and Netflix. I've got a whole lot of cash on the sidelines," Cuban said on "Fast Money Halftime Report." "[I'm] ready, willing and able if something happens" to invest.  Cuban said Amazon and Netflix are his biggest holdings. But he refused to reveal his short positions, the stocks that he's betting against. "I'll keep that to myself." Mark Cuban on markets: I have a lot of cash on the sidelines from CNBC. "Put aside tariffs, put aside what the president is doing, he's got his reasons," said Cuban, an outspoken critic of Donald Trump as a candidate and as president. "There just no way where you can say, 'I just trust everything that's going on.' And that concerns me."  "We borrowed from the future to kind of pump up the … [Read more...] about Mark Cuban Owns Just a Handful of Stocks and ‘a Whole Lot of Cash’ Because He’s Worried About the Market