TOUGH TIME FOR MAVERICKS
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TOUGH TIME FOR MAVERICKS
Mark Cuban, owner of the cable network HDNet, Landmark Theaters, the production company 2929 Entertainment, and the NBA's Dallas Mavericks, was charged with insider trading by the Securities and Exchange Commission on Monday. The complaint charges that in 2004, Cuban avoided losing $750,000 by selling stock in Momma.com after he became aware through inside information that the website would have a public offering that was likely to devalue its existing stock price. "This case demonstrates yet again that the commission will aggressively pursue illegal insider trading whenever it occurs," Linda Chatman Thomsen, director of the SEC's division of enforcement, said in a statement. ""I am disappointed that the commission chose to bring this case based upon its enforcement staff's win-at-any-cost ambitions," Cuban said in his own statement. "The staff's process was result-oriented, facts be damned. The government's claims are false and they will be proven to be so."
18/11/2008
