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NEW YORK The Securities and Exchange Commission has charged entrepreneur Mark Cuban with insider trading, the agency said Monday. Cuban and spokespeople for him couldn’t be reached for comment.
The SEC said its charge stems from Cuban’s 2004 sale of 600,000 shares of Internet search engine Mamma.com “on the basis of material, nonpublic information concerning an impending stock offering.”
In a statement on his blog, BlogMaverick.com, Cuban and his legal team said he intends to contest the allegations and “to demonstrate that the commission’s claims are infected by the misconduct of the staff of its enforcement division.”
Added Cuban: “I am disappointed that the commission chose to bring this case based upon its enforcement staff’s win-at-any-cost ambitions.
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