Tonight's news... Management at Mamma calls Cuban, "Call me asap." Cuban calls back. Managment explains proposed financing plan. Same day Cuban calls the investment bank. Right after hanging up with investment bank he calls broker, sell it all. By the end of the next day his position is liquidated. The next day financing news comes out and stock tanks.
nutjob, why do you speak? do you always apologize for fraud? Cuban was given confidential information he AGREED to accept from the CEO of a company he befriended AFTER investing. He traded on that confidential non-public information. Had it not been for that non-pblic information those trades never would have been executed whichmeans the trades were in direct relation to the inside information obtained. That makes it llegal regardless of cause. Do you always accept fraud as a legitimate trade venue?
Figure that this investigation came about when the SEC looked into sharesleuth.com as many people, including the financial media, questioned the ethics and laws about shorting ahead of a news story you paid for. Cuban was horting the stocks sharesleuth was prepring a hatchet job on and profitted when the news story was released. The SEC most likely investigated and came up with ths.
"He traded on that confidential non-public information." ----------------------- Members of Congress can trade on non-public information.
and more than likely, he agreed to a 'non - disclosure' pact. Fraud is fraud, whether a peon commits it, or a billionaire. This might mark the end of selective prosecution. He's an asshole. That's in the welcome package for new immigrants. But he's rich. That used to be a no no. Maybe now, the word is out.