Dancing With The SEC
Posted on Nov 17, 2008 @ 02:41PM
Marc Cuban is in hot legal water.
The billionaire-entrepreneur owner of basketball's Dallas Mavericks -- and star of the 5th season of Dancing with the Stars, where he strutted his stuff with Kym Johnson -- has been accused of insider trading by the Securities and Exchange Commission.
According to a civil action filed by the SEC, Cuban sold his 6% ownership stake of Mamma.com when he learned it was going to seek money through a private offering.
On June 29, the day after he bailed, the company saw its share plummet over 10%.
That saved Cuban a quarter-million dollars.
Gonna take some fancy footwork to get out of this one.
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