So Much For Buying The Cubs: SEC Reportedly Charges Mark Cuban With Insider Trading In Mamma.com

Billionaire investor Mark Cuban the owner of the Dallas Mavericks basketball team, the HDNet television channels and various other assets, has been charged by the SEC with insider trading in shares of Mamma.com , a company now called Copernic (CNIC), according to the Wall Street Journal . Cuban built his fortune largely through the same of Broadcast.com to Yahoo for $4.6 billion in 1999. An excerpt from the WSJ story: The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that Mamma.com was raising money through a private investment in a public entity, or PIPE. The next day, on June 29, the company announced the PIPE financing and shares of the company dropped by more than 10%. By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses. This would not seem to help Cuban’s bid to acquire the Chicago Cubs . (link)