Cuban Accused of Insider Trading; SEC Claims NBA Team Owner Avoided Losing $750,000 in Stocks
Byline: Ben Conery, THE WASHINGTON TIMES
Federal regulators Monday accused Mark Cuban, the flamboyant owner of the Dallas Mavericks professional basketball team, of insider trading, saying the billionaire media mogul used confidential information to avoid losing $750,000 worth of stock in an Internet company.
The Securities and Exchange Commission (SEC) filed a lawsuit against Mr. Cuban, 50, seeking unspecified civil penalties and restitution.
No criminal charges were filed against Mr. Cuban, who also owns HDNet, a national high-definition television network, and the national Landmark Theaters chain.
The Justice Department declined to comment on …
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Publication information: Article title: Cuban Accused of Insider Trading; SEC Claims NBA Team Owner Avoided Losing $750,000 in Stocks. Contributors: Not available. Newspaper title: The Washington Times (Washington, DC). Publication date: November 18, 2008. Page number: A03. © 2009 The Washington Times LLC. COPYRIGHT 2008 Gale Group.
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