Monday, November 24, 2008

Momma Mia

Mark Cuban, billionaire and majority owner of the Dallas Mavericks, was charged by federal regulators last week of using confidential information on a stock sale to avoid more than $750,000 in losses.

The SEC alleges that he sold shares in search engine company after learning from the company's chief executive about plans for a new stock offering that was apt to push down the value of Cuban's shares.

So, in summary, what's happening here is that the SEC has charged Cuban with selling his own momma to make a quick buck.