The insider-trading case against Mark Cuban goes to trial

The insider-trading case against Mark Cuban goes to trial


The billionaire owner of the Dallas Mavericks, Mark Cuban, goes to trial where he is accused of using insider information sell stock in an Internet company in 2004 before the shares fell dramatically. Cuban avoided $750,000 in losses to live the lifestyle he is accustomed to living in the Big D.

SEC has a mole in the SAC probe

According to the Wall Street Journal, it looks like the government has an informant in the SAC Capital Advisors probe involving billionaire Steven A. Cohen.

Six former SAC employees have been convicted or plead guilty to various charges.

David Sokol, ex-Buffett aide, gets a free pass from the SEC

That's the hard charging Securities and Exchange Commission (SEC). Not, the football conference.

David Sokol, who resigned in disgrace from Berkshire Hathaway in 2011, gets a completely free pass from the SEC.

Does it pay to know the right people, or what?

The Wall Street Journal said: "A spokesman for the SEC declined to comment."

Makes perfect sense.

Who is David Sokol and why should we care?

He's the guy the allegedly got a free pass for front running Berkshire shares (see article).

How did the alleged conversation possibly go down with Warren Buffett? See here.

Steven Cohen of SAC gets a Wells Letter

Steven Cohen of SAC gets a Wells Letter from the SEC.

Billionaire hedge fund manager shoots back saying the firm "acted appropriately."

More Facebook Lawsuits

As predicted by Think Billions, more lawsuits against Facebook

Facebook Inc(NASDAQ:FB): Milberg LLP Announces Class Action Lawsuits Filed Against Facebook, Inc. | Mesh Press

The complaints charge Facebook, certain of its officers and directors, and underwriters of the IPO with violations of the Securities Act of 1933.

Zuckers!

Mark Cuban to Feds: Pay MY Damn Legal Fees

Dallas Mavericks owner Mark Cuban wants the Securities and Exchange Commission to pay his legal fees stemming from the agency’s insider trading case against him.

In recent court filings, Mr. Cuban cites alleged misconduct by the governmental agency and requests that it be sanctioned for its “bad faith.”

The SEC will appeal the original case.

Bill Gates and friends go zoom zoom

Billionaire investors Bill Gates and Edward S. Lampert are increasing their stakes in AutoNation Inc.

According to recent filings with the SEC, the two investors have accumulated more than 57% of the Fort Lauderdale, Fla.-based car dealer’s shares.

A billion dollar Ponzi scheme

When friends and family are gathered together for the holidays this month, one of the little children may come up to you and ask the following probing question:

"What's a Ponzi scheme?"

Since you visited the Think Billion$ blog today, you'll have the answer. Not only a answer, the answer, since it is an SEC approved answer.

According to the Securities and Exchange Commission: "Ponzi schemes are a type of illegal pyramid scheme named for Charles Ponzi, who duped thousands of New England residents into investing in a postage stamp speculation scheme back in the 1920s."

So, that is the textbook definition of a Ponzi scheme. Not answered, of course, is why Bernard Madoff did it. Will we ever truly know?

Interestingly, billionaire bad boy Mark (Momma) Cuban, has repeatedly called the stock market a Ponzi scheme over the years.

Twice as interesting is the fact that both Bernie Madoff and Mark Cuban are now in trouble stock market-wise, SEC-wise and otherwise this year.

Billionaire bad boy Mark (Mamma) Cuban