Mark Cuban Gets His Martha On, Busted For Insider Trading

Mark Cuban’s mamma hasn’t been good to him. Well, his stock in mamma.com, anyway. The owner of the Dallas Mavericks and the hopeful owner of the Chicago Cubs probably has seen his potential stock as an MLB owner plummet since this morning’s indictment from the Securities and Exchange Commission for insider trading. And even worse, he apparently flaunted the knowledge that he could get in trouble to everyone. So smart, yet so dumb…

The complaint claims that in 2004 Cuban learned of a private offering of Mamma.com (now known as Copernic) that would decrease the value of his 600,000 shares. It says he then sold off his stake and as a result, reportedly saved $750,000.

The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that Mamma.com was raising money through a private investment in a public entity, or PIPE.

Could you imagine how he probably wishes he could’ve used this in some other form? Like finding out Josh Howard smoked more weed than Cheech and Chong combined and hated America? That Jason Kidd has better aim shooting cookies at his ex-wife’s head than balls to the net. That Dirk Nowitzki is softer than… well, we can’t think of anything that’s soft as Dirk Nowitzki, so we’ll just come back to that one.
SEC Charges Mark Cuban With Insider Trading [Wired]
Mark Cuban Insider Trading Charges Relate To Mamma.com, Now Known As Copernic [Huffington Post]
Image [threeminds.organic.com]