Billionaire entrepreneur and owner of the Dallas Mavericks Mark Cuban, 50, has been charged with insider trading by the Securities and Exchange Commission, The Washington Post reports.
Cuban is in trouble for allegedly selling 600,000 shares of the Internet company Mamma.com Inc. (which by the way was his entire stake in the company) just days before an announcement that the company would seek financing in 2004. By selling when he did, Cuban avoided losing about $750,000.
However, on his blog, Cuban says the facts are false and that the investigation is “a product of gross abuse of prosecutorial discretion.”
You can check out the Securities and Exchange Commission’s suit against Mark Cuban here (Pdf-file).
