Mavericks find November unforgiving

by Frank James

November is obviously not a good month for mavericks, political or otherwise.

Today, it's not a political maverick but a Dallas Maverick, specifically, Mark Cuban, owner of the National Basketball Association franchise, who's having a bad day.

Cuban, known to rack up big NBA fines for his behavior, is now tangling with the Securities and Exchange Commission which has filed insider-trading charges against him. The complaint is an easy and fast read.

He is alleged to have used non-public information to sells shares in 2004 of a company then called mamma.com because the company, in order to raise money, was going to issue and sell more shares which would have driven down the value of the 600,000 shares he owned.

Cuban, the owner of the Dallas Mavericks, and a prospective bidder for the Chicago Cubs, owned by the Tribune Co., faces civil not criminal charges for his alleged insider trading which the SEC says saved Cuban $750,000 since the stock price did fall after the company made its plans public.

On his blog, Cuban said the SEC complaint was unfounded:

"I am disappointed that the Commission 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."

The federal complaint against Cuban describes behavior well known to NBA officials who've dealt with Cuban. Upon being confidentially informed of the company's plan during a phone conversation with mamma.com's chief executive officer, he yelled at the CEO then shortly afterwards, allegedly, sold his stock before the public announcement of the companys plan.

Being a maverick can definitely be expensive.