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Last updated on Tuesday, November 18, 2008
(WASHINGTON, DC) - Dallas Mavericks owner and Indiana University graduate Mark Cuban is accused of insider trading for allegedly using confidential information on a stock sale to avoid more than $750,000 dollars in losses.
The Securities and Exchange Commission says that in June 2004, Cuban was invited to get in on the coming stock offering by Mamma.com, Inc. after he agreed to keep the information private.
The SEC says Cuban knew the shares would be sold below the current market price, and a few hours after receiving the information, told his broker to sell all shares in the search engine company.
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