Tuesday, November 3, 2009, 10:23PM ET - U.S. Markets Closed.

From ClusterStock, Nov. 17, 2008:
An SEC announcement alleges that Mark Cuban was informed of an impending stock offering at Mamma.com, and that within hours of learning of it, he dumped his stock:
The Commission's complaint, filed in the U.S. District Court for the Northern District of Texas, alleges that in June 2004, Mamma.com Inc. invited Cuban to participate in the stock offering after he agreed to keep the information confidential. The complaint further alleges that Cuban knew that the offering would be conducted at a discount to the prevailing market price and that it would be dilutive to existing shareholders.
Within hours of receiving this information, according to the complaint, Cuban called his broker and instructed him to sell Cuban's entire position in the company. When the offering was publicly announced, Mamma.com's stock price opened at $11.89, down $1.215 or 9.3 percent from the prior day's closing price of $13.105. According to the complaint, Cuban avoided losses in excess of $750,000 by selling his stock prior to the public announcement of the offering.
As CNBC just noted, Mark Cuban certainly has a knack for timing, noting his impeccably timed sales of Broadcast.com, and wise decision to dump his Yahoo shares. We have no idea what his side of the story is, and we'll give him the benefit of the doubt until proven otherwise. But just as a general rule, if your inclination is to defend someone by asking: Would they really have been this stupid? The answer might surprise you.
The SEC's actual complaint is here (.pdf), and it notes that it's seeking a penalty and disgorgement of gains, but doesn't say anything about seeking jail.
Totally agree with above...how much is enough???
If he's somehow prohibited from future trading, will the SEC call this "the Cuban embargo"?
I'm so happy for him! I hope he gets it in the you know what.
This is a joke and you are all jokes for falling for this. We just handed out 3.5 Trillion dollars to bail out wall street and no one there has been held accountable, now you are happy because they busting Cuban on some bogus charge? You people really are easily manipulated, get a clue.
Why does the gov. always pick on the poor, rich guys? Do you know how many jobs depend on this guy? Come on, give him a well-deserved break. Go after the mean, ol' middle class. They are the ones not using their credit cards as much and getting us in this recession trouble.
Make an example of this A**hole and throw the key away
Like none of you would do the same!
Rog - You can take the Cuban out of your mouth now. We'd all like to see all those WS bastards put away too.
I guess he won't be buying the Cubs now.
I wonder how he will like the other Cubans in Jail.....lol...will he be a bubba or a bubbas girlfriend?
Does this country have any future? I think we are moving towards a country where people just dont work and depend on government or people working. My friend says unemployment will rise over 10%. He is a good economist. He also says pump and dump is going on....that stock P/E are inflated.
put him in jail like Martha Stuart.. How greedy can these people get.. wtf...
Cuban will have the best attorneys around to bail him out,maybe pay a few hundred thousand for a fine & few millions for his dream team of attorneys.
Leave it to the government to go after pennies when Angilo Mozzio is still carting around his 450 million in insider sales just as countrywide was collapsing. There is plenty of truly big larceny going on out there they could be going after rather than focusing on this 'chicken feed'. But then again, the government has been excelling at majoring in minors and minoring majors for some time now. it all makes me sick to my stomach
You guys don't even know if the charge is true, you just lap it up. Nevermind all the real crimes that have been committed lately, lets rile up the mob by going after a highly visible rich guy who the old boys club don't like. Get him, burn him at the stake. You are so stupid. That's why you will continue to be screwed over. Do you realize that 750,000, hell, lets call it 1 million, represents less than .000033 %, (that's 3/10,000 of a percentage point) of what we just handed out as aid to big banks that "can't fail"(3.5 trillion). You think this is justice? Seriously, at what points are you guys gonna get a clue? I could care less about Cuban one way or the other. I just am sick of how easy it is for them to fool you guys.
The entire Wall Street are some white collar Criminals F them!! Its his money dont be mad!!!!!!!!
RALLLLLYYYY YEAHHHHHH OFF NO FUNDAMENTAL REASON YEAHHHHH
FIRE THAT CITI GUY. This is Davoud Abbasi....I worked at Cisco as an intern and got layed off. I think this economy sucks and I am going to get down with OPP.
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Yahoo! Finance User - Monday November 17, 2008 12:23PM EST
That is bad........