Dallas MavericksDownload App

Mark Cuban Nabbed for Insider Trading

Kenny DuceyContributor IAugust 16, 2016

Mark Cuban, Internet entrepreneur and owner of the Dallas Mavericks, has been accused of using private information to get an edge on stock trading and ultimately prevent the loss of $750,000.

The SEC claimed that Cuban agreed to receive 600,000 shares of Mamma.com, a search engine, and agreed to keep the shares secret from the public. After this accusation was released, Cuban suspiciously, and subsequently, sold all of his shares from Mamma.com.

Cuban denies these allegations. Late on Monday, one of Cuban’s lawyers said, ”We’re shocked. We find it incredible that given all the important issues that the SEC has to address with regard to today’s economy they’ve sought to bring a $750,000 case relating to a he-said she-said about one trade against a person whose integrity has never been questioned before with regard to the securities markets."

Cuban did use a lot of this money toward the Dallas Mavericks and the NBA. For this reason, apparently, the NBA refused to comment on the story.

I will have more on this investigation as the information becomes available.

Where can I comment?

Stay on your game

Latest news, insights, and forecasts on your teams across leagues.

Choose Teams
Get it on the App StoreGet it on Google Play

Real-time news for your teams right on your mobile device.

Copyright © 2017 Bleacher Report, Inc. Turner Broadcasting System, Inc. All Rights Reserved. BleacherReport.com is part of Bleacher Report – Turner Sports Network, part of the Turner Sports and Entertainment Network. Certain photos copyright © 2017 Getty Images. Any commercial use or distribution without the express written consent of Getty Images is strictly prohibited. AdChoices