Monday November 17, 2008 3:33 pm
Another Dancing with the Stars Contestant Faces Federal Charges
We already knew Dancing with the Stars had a reputation of sending contestants to the hospital…but who would have thought federal court as well?
Today, Dallas Mavericks owner Mark Cuban was charged by federal regulators with insider trading. This announcement comes nearly six weeks after after Helio Castroneves, another contestant from DWTS’ fifth season, was indicted for federal tax evasion.
According to the civil suit filed by the Securities and Exchange Commission, Cuban allegedly used information he received back in 2004 to sell stock he owned in Mamma.com (now known as Copernic), a Montreal search engine. When he became aware of an upcoming private sale, the 50-year-old promptly sold 600,000 shares to spare himself a loss of approximately $750,000.
Read More | Associated Press
This case against the billionaire is now being compared to the one against entrepreneur Martha Stewart. Back in 2004, the domestic diva was sentenced to five months in prison and five months of home confinement after conspiring to deceive authorities about the sale of ImClone stock.
In a released statement, Mark denied any wrongdoing. “I am disappointed that the (SEC) chose to bring this case based upon its enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”
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