Tag: insider trading

There Was No Confidentiality Agreement

Mark Cuban’s lawyers press Mamma CEO, but can’t seem to find an agreement of confidentiality.

Again, even if the CEO of Mamma said there was one, I wouldn’t lend any credence to such a statement considering how screwy the company was to begin with.

End note/words of wisdom from the Alley Insider: “Basically, be careful what you agree to keep confidential because it may end up inhibiting your investment decisions in the future.”

Story of the Day: Mark Cuban’s SEC tangle (UPDATED)

Never has a story hit my feed reader from so many angles, and so often. I can’t even sort through what is simply an update to a previous article, and what is new.

Nevertheless, Mark Cuban has been accused of insider trading by the Securities and Exchange Commission. Mr. Cuban has released a brief statement via his attorneys.

I could certainly be wrong, but at first blush the whole thing stinks. The timing is prescient – right in the middle of backlash against the SEC, and calls for investigations against Congress persons who may have been tangled up in mortgage deceit. The target is ripe for distraction creation – Mr. Cuban is extremely outspoken, a very public face, and can easily afford the disgorgement and fines posed for in the complaint without blinking an eye. It makes for quite the display (as the number of news sources covering the issue attests to) – a highly effective sidebar. Further, few are making hay of the bigger story – Mamma.com was always a problem child, as this WSJ snippet points out. How could the SEC take the word of anyone at a company so embroiled in such far-reaching scandal?

I don’t mind playing by the rules because I consider learning said rules, how they work, and their true intent half the fun. I consider those who don’t lazy.

I don’t think Mark Cuban is the lazy type.

UPDATE: A slightly different SEC angle.

SEC Probes Stock Sales by SocGen Insider

Latest twist, or coincidence?

Via Dow Jones Newswire:

The U.S. Securities and Exchange Commission is investigating sales of stock by Societe Generale board member and American investor Robert A. Day and two foundations associated with him, people familiar with the matter say. The U.S. attorney in Brooklyn, N.Y., has opened a criminal probe related to the bank, according to one person familiar with the matter, although its precise focus wasn’t immediately clear.

Day, investment manager with U.S.-based Trust Co. of the West, and the foundations sold about $140 million of Societe Generale stock approximately two weeks before the bank notified its board about the billions of trading losses.

Either way, no surprise.