Dallas Mavericks and HDNet owner Mark Cuban is under SEC investigation following accusations of insider stock trading.
The MMA guru and multi-billionaire reportedly illegally sold shares of Mamma.com in 2004. Mamma.com is a Canadian owned Internet search engine company who recently merged with online advertising company Copernic Technologies. After learning of the stocks demise from an insider, Cuban’s quick sell saved him over $750,000.
Cuban attorney Ralph C. Ferrara says "the government’s claims are false and will be proven so".
The SEC may smack Cuban with financial penalties and get a court order to confiscate Cuban’s earnings from the alleged illegal trade.
The U.S. Attorney in Dallas, TX will decide if Cuban will face stiffer penalties and possible criminal charges.
Meanwhile, Cuban’s HDNet continues to be the hottest ticket in town when it comes to MMA. One of the networks top rated shows, INSIDE MMA, is at the top of HD programming ratings.