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Marc Cuban and Trading
19-Nov-2008
Written by: Sayed Islam
Marc Cuban has been known to make some dubious basketball trades as the Dallas Mavericks owner, but this kind of trading could put him behind bars.
Marc Cuban has been known to make some dubious basketball trades as the Dallas Mavericks owner, but this kind of trading could put him behind bars.
The United States Securities and Exchange Commission is reporting that the Dallas Mavericks owner could be in trouble with the law. Apparently, the Securities and Exchange Commission is accusing Cuban of insider trading. Cuban allegedly sold his 600,000 shares of stock or approximately six percent in the search engine known as Mama.com during the summer of 2004.
Since he sold his shares in the search engine, he saved $750,000. If interest is included, then the grand total in fines could add up to $3 million.
It is still uncertain whether or not billionaire Cuban will end up going to prison. Meanwhile, his Dallas Mavericks have problems of their own, starting the NBA season with a record of 4-7.
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