Mark Cuban

If you haven't already heard, Mark Cuban has been accused of insider trading by the SEC. It is alleged that he sold approximately 6% of Mamma.com back in June 2004 after getting some information from the CEO about a PIPE (private investment in private entity) financing. The company announced the financing in order to raise capital but through this financing existing shareholders are diluted which is why Cuban wanted to sell in the first place. He apparently sold the day before the announcement and saved some $750,000 in losses.

He also runs a Web site called Sharesleuth.com, which bills itself as providing "independent Web-based reporting aimed at exposing securities fraud and corporate chicanery." -CNBC

That is pretty ironic. Cuban obviously denies the charges brought against him, but the evidence seems pretty clear. If it took 4 years to discover this I am going to bet that they spent a good deal investigating the case. No matter what happens, I just hope that his legacy isn't ruined. I mean, he's been ejected from more NBA basketball games than Joe Dumars, and who could forget his Dancing With the Stars performance.