What an idiot, the guy’s a billionaire and he get busted for selling prior to a PIPE. It looks like he’s going to fight this. I know there is some grey areas around PIPEs, but is it really legal to (as the SEC’s allegations claim) (1) get offered to participate in one (2) kindly tell the issuer that you’re not interested (3) proceed to call your broker and tell him to blow out your position?
750K for a billionaire is like a change still he bet all his reputation for such a small amount…
I would think it would be illegal as the kknowledge of a PIPE transaction occuring would not be public info, true? Therefore trading on this would be insider info. If he could somehow say he traded it just cuz he didnt like the company, then its tough to prove he based the sale on the knowledge of the upcoming PIPE…he’s got the dough to fight the charge though, so this should at least be interesting
Send him to JAIL~!
Just because it’s MNPI doesn’t mean it’s illegal to trade it (despite what CFAI would have you believe). In this case though, I think he is screwed if the facts as reported in the gotcha media are correct. As the company’s largest shareholder and a guy who returns phone calls to the CEO in 4 minutes, he had a fiduciary duty to the company and other shareholders. By taking the information and acting on it while accepting a confidential duty from the CEO he deceived the person who shared info with him. He is busted.
mpnoonan Wrote: ------------------------------------------------------- > Send him to JAIL~! Not part of the suit yet as nobody has filed criminal charges against him.
He should get jail time for the Jason Kidd trade.
Does anybody think this is some trumped up charge to quiet him and stop bailoutsleuth.com? If I was a conspiracy theorist (which I am) I would think that the gov’t is after him because he is embarassing the gov’t. That evil Paulson guy.
They set the precedence with Martha, send him to Jail. He is annoying anyways.
But they sent Martha to jail not for insider trading, but lying about insider trading.
Yep, perjury is what got her ass thrown in the pen. I think people are confused about this because they are not understanding that the SEC is suing him. He has not been indicted.
But we do have several interesting ideas for sending him to jail which I’m okay with really.
If you’re over the wall on a PIPE then you’re restricted on the stock, not that people don’t break that rule all the time. Really dumb to mess around with it when you’re the largest shareholder, though.
But it seems he sold the stock upon learning about the PIPE.
i’m a lifelong Dallas Mavericks fan, so by default I am a Cuban apologist since he rescued my team from the dregs and made them competitive again. Thus, he gets a free behavioral pass from me. That being said, the man is a hothead and I gurantee you he was pissed when he learned about the PIPE and just blew out of the stock. Not exactly prison worthy, no matter what you think of him.
Cuban’s racked up 1.3Million in NBA fines as the Mavericks owner. It’s amazing that he cared so much more about 750k.
he has an ego, its not about the money. how soon we forget about martha, do we, boys??? Cuban is done, I had some legal hard heads look @ the SEC filing and it has legs. What a moron, Cuban. Clear infraction and the fact that it was a PIPE works against him. EVERYONE on the st knows that pipes are cheap, dark secondaries boom goes the dynamite
daj224 Wrote: ------------------------------------------------------- > he has an ego, its not about the money. how soon > we forget about martha, do we, boys??? > > Cuban is done, I had some legal hard heads look @ > the SEC filing and it has legs. What a moron, > Cuban. Clear infraction and the fact that it was a > PIPE works against him. EVERYONE on the st knows > that pipes are cheap, dark secondaries > > > boom goes the dynamite huh? he’s going to get fined and get some sort of public censure and some investment restrictions, nothing more. Martha Stewart went to jail for perjury. What legal “hardheads” did you have look at this?
lol. Done? He could write a check to settle the suit tomorrow and the SEC would go away.
I meant done as in his BRAND is looking at a LIFE sentence. boom