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Mark Cuban’s insider trading suit starts tomorrow


NBA Dallas Mavericks billionaire owner Mark Cuban’s insider trading suit will proceed with its first hearing this Tuesday when Cuban’s attorneys set motions to have the suit dismissed.

The SEC alleges Cuban acted on an insider tip that Mamma.com Inc. would sell new shares via a private offering back in 2004. The tip allegedly prompted Cuban to sell his shares (600,000 shares) thereby avoiding $750,000 in losses.

When firstly reported on November 17,2 008, In the initial SEC press release, the Commission said

“Within hours of receiving this information, according to the complaint, Cuban called his broker and instructed him to sell Cuban’s entire position in the company. When the offering was publicly announced, Mamma.com’s stock price opened at $11.89, down $1.215 or 9.3 percent from the prior day’s closing price of $13.105. According to the complaint, Cuban avoided losses in excess of $750,000 by selling his stock prior to the public announcement of the offering.”

The SEC alleges Cuban had a fiduciary relationship with the company because of a confidential agreement; therefore he should not have acted on the confidential material and non-public tip.

Cuban’s team counters he was never an insider because he never had a fiduciary relationship with the firm at all.

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OPTi wins $19M Apple patent suit


A Texas District Court found Apple Computers guilty of “willfully” violating three patent claims associated with predictive snooping of cache member that moves data between computer components including the processor and memory modules. Apple maintained the patent was invalid because of the obviousness of the involved processes. OPTi Inc. now earns most of its revenue from patent related royalties. Apple did not comment on the ruling.

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Microsoft settles GPS patent suit with TomTom


Microsoft and TomTom have both sued each other over alleged patent infringement in car navigation GPS systems. The companies have now reach a five-year agreement. Under the terms, TomTom will pay to license eight patents, while Microsoft will be able to use four TomTom patents without any payment. Microsoft said in a written statement, “We are pleased TomTom has chosen to resolve the litigation amicably by entering into a patent agreement,”

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AIG to return $50M in bonuses


aigAIG has said today that its financial products division will in fact return $50 million in bonuses amid a public uproar given the U.S. fed has provided the failing company with $170 billion in aid.

15 AIG executives from the financial products’ is set to return $30 million, and the rest of the $50 million coming from other AIG division.

Obama has been widely criticized for the recent bill passed by The House of Representatives who imposed a 90% tax on bonuses aimed at executives who earned more than $250,000 of firms who got more than $5 billion in government aid.

In Q4 2008, AIG posted the largest corporate loss recorded in America, $61.7 billion.

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Appeals Court Rules Madoff to Stay in Jail Pending Sentencing


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Bernard Madoff was remanded in jail on March 11 after pleading guilty to 11 criminal charges until sentencing scheduled for June 16, 2009. He appealed the decision, only to be turned down by the 2nd U.S. Circuit Court of Appeals today.

Judge Denny Chin said because of Madoff faces life in prison and because of his age, he might try to flee. Judge Chin went on to say, “Moreover, the district court’s finding that the defendant has the means – and therefore the ability [to flee]… [Madoff has] ample opportunity over a long period of time to secret substantial resources outside the country.” to flee.

The legal team representing Madoff says they are disappointed and respectfully disagree with the ruling.

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Madoff Accountant David Friehling Turns Himself In, Faces 105 Years in Prison


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Bernard’s Madoff’s accountant David Friehling has just turned himself in to authorities today for securities fraud charges that allege he falsified financial statements.

Acting U.S. Attorney Lev Dassin said today, “Although Mr. Friehling is not charged with knowledge of the Madoff Ponzi scheme, he is charged with deceiving investors by falsely certifying that he audited the financial statements of Mr. Madoff’s business,”

Prosecutors allege Madoff’s firm paid Friehling $12,000-$14,500 per month between 2004-2007 for his services. Prosecutors also allege he invested with Madoff’s security firm and had a joint account with his wife totaling more than $500,000.

Friehling now faces up to 105 years in prison if convicted.

Madoff pleaded guilty to 11 criminal charges on March 11, 2009 and is currently awaiting sentencing on June 16, 2009 in jail. His legal team is appealing the decision to get him out of jail pending sentencing.

Madoff, 70, faces up to 150 years in prison for stealing $65 billion in the biggest ponzi scheme in history.

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Court Papers Show Bernard Madoff Worth $826M


New documents obtained from court filings show that Bernard Madoff is currently worth at least $826 million. The documents are from appeals requesting Madoff be released from prison until sentencing, which is scheduled for June 16, 2009. According to the documents, Madoff’s Investment Securities firm is valued at $700 million (currently being liquidated), along with $22 million worth in real estate (including his $7 million New York City apartment), a $7 million French yacht, jewelry worth in excess of $2 million, among other assets. Bernard Madoff was remanded in jail after pleading guilty to 11 criminal offences relating to a Ponzi scheme where Madoff allegedly defrauded $65 billion from investors.

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Madoff Pleads Guilty, Remanded in Jail


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Bernard Madoff, the man behind the biggest Ponzi scheme ever who stole more than $65 billion, has just pleaded guilty today to 11 criminal crimes. U.S. District Court Judge Denny Chin ordered Madoff, now 70, to jail because of his guilty plea, when asked to explain his crime, Madoff said “I operated a Ponzi scheme,” Madoff later said “I always knew this day would come,” and explained he thought the scheme would actually end, but it “provided impossible,” Sentencing is scheduled for June 16, 2009. Madoff faces up to 150-years in prison.

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President Obama Lifts Stem Cell Research Ban


President Obama has just changed legislation that significantly restricts federal funding of human embryonic stem cells research. Obama also pledged to support scientists and professionals who lead the way in research.

President Obama today said at the White House following a strong applause, “As a person of faith, I believe we are called to care for each other and work to ease human suffering. I believe we have been given the capacity and will to pursue this research…and the humanity and conscience to do so responsibly.”

Obama remains strongly committed against human cloning but believes new developments in the field have significant potential to lead to medical cures and breakthroughs.

Obama failed to release provide regulation details, though has given the National Institutes of Health 120 days to draft guidelines.

Today’s promising announcement raised related company stocks. Geron Corp for example was up about 35% following the news.

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Nvidia Exec Says Court Should Rule in Nvidia’s Favor Over Intel Chip Suit


intelThe world’s largest chipmaker has filed a suit against Nvidia in Delaware claiming Nvidia does not have the right to produce compatible chips that are integrated with memory controller functionality, which are already patented by Intel. Nvidia claims it already has an agreement in place with Intel. Nvidia CEO Jen-Huang now says he is confident the court will rule in Nvidia’s favor. If the court rules in favor of Intel, Nvidia will not be able to produce the newer model chipsets, and even chipsets that do not rely on QPI, including lower end computers. The injunction could even block Nvidia from making the next-generation Atom chips.

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