Mark Cuban Charged by SEC with Insider Trading

Mark Cuban, owner of the NBA’s Dallas Mavericks franchise, has been charged with insider trading by the Securities and Exchange Commission relating to the sale of stock tied to the company Mamma.com Inc.

According to the lawsuit filed by the SEC in federal court in Dallas on Monday the 50-year-old Cuban used confidential information to unload stock in the company and avoid a loss of more than $750,000.

The SEC alleges that Cuban received information that shares in the company would be sold for under market value and before the public announcement was made he told his broker to sell. At the time of the sale Cuban had been the largest shareholder in the company.

Cuban is now facing charges that he violated the antifraud provisions associated with the federal securities laws. The SEC is also looking for an injunction against future violations, payment for the monetary losses Cuban avoided and an unspecified civil penalty.

Cuban has denied the charges and said they have no merit.

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