Wednesday, November 19, 2008

Say It Ain't So, Mark!

Get ready to dance again, Mark.

I've always respected Mark Cuban, and will continue to do so until the government carries its burden of proof:

WASHINGTON (Reuters) - Mark Cuban, owner of the Dallas Mavericks professional basketball team, was charged with insider trading in shares of Inc, an Internet search engine firm, the Securities and Exchange Commission said on Monday.

Cuban, one of the five finalists to buy the Chicago Cubs pro baseball team, faces civil charges by acting on nonpublic information and selling shares of to avoid more than $750,000 in losses, the SEC alleged.

Sorry, Cubs fans. Looks like Mr. Cuban might be a bit too busy this coming year to own your 100 years of misery.

***UPDATE***: From Mark Cuban's blog: "I wish I could say more, but I will have to leave it to this, and let the judicial process do its job."

Also on the blog, Cuban's defense counsel, Stephen A. Best, from Dewey & LeBoeuf, responds to the SEC charges with an excerpt of his interview with the former CEO of Inc., stating Cuban made no verbal response to the offer of confidential information.

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