Mark Cuban, the owner of the Mavericks, the basketball team from Dallas, is accused of insider trading by the Securities and Exchange Commission (SEC), the U.S. equivalent of the Securities Commission, in a case in connection with Mamma.com society.
According to documents the SEC, the American entrepreneur would have learned in confidence that Mamma.com would ask a private placement (private investment in public equity) in June 2004. Just before that happens, Cuban sold all of the 600 it held 000 shares of Mamma.com.
This fraudulent transaction would have avoided losing $ 750 000, accuses the SEC requesting, among other financial damages.
At the time of the transaction, the multimillionaire Cuban was the largest shareholder of Mamma.com.
Mamma.com is a Montreal-developing search software, operating since June 2007 under the name of Copernicus. Last week the company announced it was closing its office in Montreal to move its operations to Quebec.
According to documents the SEC, the American entrepreneur would have learned in confidence that Mamma.com would ask a private placement (private investment in public equity) in June 2004. Just before that happens, Cuban sold all of the 600 it held 000 shares of Mamma.com.
This fraudulent transaction would have avoided losing $ 750 000, accuses the SEC requesting, among other financial damages.
At the time of the transaction, the multimillionaire Cuban was the largest shareholder of Mamma.com.
Mamma.com is a Montreal-developing search software, operating since June 2007 under the name of Copernicus. Last week the company announced it was closing its office in Montreal to move its operations to Quebec.
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