The Wall Street Journal is reporting that the SEC has charged Dallas Mavericks owner Mark Cuban with insider trading related to sales of Mamma.com.
Mr. Cuban was also a major shareholder in Tucows.com, but divested himself of those shares.
More to come
Wow. This is pretty serious, Mike. Martha Stewart did federal time for something similar to this.
I think he was involved with Register.com too?
Any way, I have no love for Mark Cuban. He is the luckiest loser of all time and a dick from what I understand.
An ass with money is still an ass.
I dont know Mark but so I cant comment on him but this is very serious!
I look forward to seeing more information come out in the very near future.
Regards,
Robbie
Founder
RegFeeNames.com
This matter, which has been pending before the Commission for nearly two years, has no merit and is a product of gross abuse of prosecutorial discretion. Mr. Cuban intends to contest the allegations and to demonstrate that the Commission’s claims are infected by the misconduct of the staff of its Enforcement Division.
Mr. Cuban stated, “I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”
That is according to http://blogmaverick.com/2008/11/17/the-sec/
Has anyone looked at Momma.com? Is it just me or is it just a search engine that only returns the Google Adsense Sponsored Listings and nothing else? How did this company ever go public in the first place?
I believe the charges are from a transaction performed back in 2004 from a company named mamma.com, inc.
See his blog>> http://blogmaverick.com/
Tony
Actually Martha did time for lying to the feds not for insider trading
Conor —
I think you’ve stumbled across another case study on why not to build your business on a poor domain name (or, if you do, at least cover your backside by owning the typos/alternatives):
– Mamma (with an A) is the real search engine.
– Momma (with an O) is the one you went to first (me too, and undoubtedly lots of others), and that’s the one that serves only paid ads.
Unreal. I have written so many times on getting a solid domain name, and if not, having all the typos. Yet I still stumble upon a simple name like this, when I know I should be looking closely at the spelling.
Either way, I’m not a big fan of the Mamma.com search engine either. Don’t see anything special about it.
The SEC is out of control. The people just got robbed for 10 or 20 TRILLION dollars and they go after Cuban for $750k?? This is nonsense even if he did it.
Mark
Martha
Must be working alphabetically on billionaires by first name, from the bottom.
Rick
looks like the SEC is more interested in going after high profile investors that the CEO that cost investors billions.
After $150 Billion from Uncle Sam, no one from AIG has been charged with as much as jaywalking.
Interesting post and the response to it – would like to read the whole story
Mike,
At a time of the lowest confidence in the financial sysytem in my lifetime, why not just scare away the investors that are still left?
If you are a billionaire and your name is Marie, I suggest you pull out of the stock market all together before it is too late. My calculations from my previous post suggest you may be next on the list. . 🙂
This should help the stock market to find new lows. Invest and arrest. How comforting.