Besides their delicious bean-dip recipes and an aptitude for feng-shui, that is.
The Securities and Exchange Commission has charged Dallas Mavericks owner and internet entrepreneur Mark Cuban with insider trading.
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.
“As we allege in the complaint, Mamma.com entrusted Mr. Cuban with nonpublic information after he promised to keep the information confidential. Less than four hours later, Mr. Cuban betrayed that trust by placing an order to sell all of his shares,” said Scott W. Friestad, deputy director of the SEC’s Division of Enforcement.”It is fundamentally unfair for someone to use access to nonpublic information to improperly gain an edge on the market.”
Holy shit, it’s official! The UFC is taking down all of their enemies with hardball tactics. Think about it: A month ago they had the double agent team of Ken Shamrock and Seth Petruzelli pull a one-two combo that killed ProElite. And then last week they dug up Todd Beard’s dirty past and forced him out off Affliction. Now they’re sinking Mark Cuban!!!!!!!!!!!!!
Next week I fully expect to see pictures magically appear on the internet featuring Tom Atencio sticking a gerbil up Donald Trump’s rectum. Jay Larkin has already stepped down from the IFL rather than risk facing the wrath of the UFC. What dreaded fate will Scott Coker face if Strikeforce continues to flourish?
*UPDATE* On a less retarded note, it’s worth mentioning that this is a civil suit being filed, not a criminal one. Which means regardless of what happens, we won’t be seeing Cuban thrown into a resort-prison any time soon.