SEC v. Mark Cuban

SEC Complaint against Mark Cuban

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The Commission charges Defendant Mark Cuban ("Cuban") with committing securities fraud by engaging in illegal insider trading. Despite agreeing in June 2004 to keep material, non-public information about an impending stock offering by Mamma.com Inc. confidential, Cuban sold his entire stake in the company -600,000 shares -prior to the public announcement of the offering. By selling when he did, Cuban avoided losses in excess of $750,000.

By conduct detailed in this Complaint, Cuban violated Section 17(a) of the Securities Act of 1933 ("Securities Act") [15 U.S.C. 5 77q(a)] and Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") [15 U.S.C. 5 78j(b)] and Rule lob-5 thereunder [17 C.F.R. 240.10b-51.

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Reference Info:Pleadings | Federal, 5th Circuit, Texas | United States


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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