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SEC Accuses Billionaire Of Insider Trading

Law360 (November 17, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission sued self-made billionaire and controversial owner of the Dallas Mavericks Mark Cuban on Monday, accusing him of engaging in insider trading to stave off a loss of more than $750,000.

The lawsuit, which was filed in the U.S. District Court for the Northern District of Texas, alleges that Cuban sold his 600,000 shares in Mamma.com Inc. because of nonpublic information he had about an impending private investment in public equity, or PIPE, offering.

On his blog, Cuban renounced the case,...
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