Mark Cuban Asks Court To Dismiss Insider Trading Charges

NEW YORK (Reuters) - Billionaire basketball team owner Mark Cuban is asking a U.S. court to dismiss insider trading charges brought against him by the U.S. Securities and Exchange Commission.

In a filing with the U.S. District Court for the Northern District of Texas, Cuban's lawyers argued that Cuban had no fiduciary or similar duty of trust to the company in question -- Mamma.com, now known as Copernic Inc -- and therefore could not be guilty of insider trading.

Read the whole story here.

Comments

[sparkey]

Not to worry, Bush will pardon everybody tonight.

[jeffp26]

Everything cuban and his lawyer say is totally irrelevant. He got "material non-public information," which he interpreted as a sign the stock would go down. He sold his stock. He is guilty. Period.

Everything he and his lawyer say is mere smoke, being blown up someone's behind.

[GerryS]

if martha can go to jail, mark can go to jail-

good for the goose is good for the gander----­----------­----

[jeffp26]

Mark Cuban is a lying dirtbag. Anyone in the business knows that when you are told about a "pipe" deal, you cannot trade. The very fact that he did sell indicates he understood clearly that the information was "material."

If I were the judge, I'd lock him up with Madoff, and not at home.

[huffnpuffn]

Mark Cuban should have his lawyers file a motion to have the SEC dismissed. Way to go feds! You chase that wacky basketball fan! Meanwhile Bernie Madoff throws another bucket of hundreds on the fire.

[jeffp26]

You are joking, right?

[SILLYME]

NBA players are not "thugs" they just have issues!

[GerryS]

thugbaggz-

[martiniandabotoxchaser]

And they call the basketball players thugs...this guy takes the cake.

[SouthJerseySteve]

Rich people think they are above the law....

[jtmoney]

This isn't really news. Any time there is a court proceeding it is normal practice for the defendant to automatically request the charges be dismissed. It would have actually been out of the norm for him not to request this.

[gcallaghan]

Is Mark looking forward to the next stage in his career as Tango instructor in the joint?