(Associated Press via NewsEdge) Dallas Mavericks owner Mark Cuban is financing a new Web site that will investigate stock fraud and corporate wrongdoing.
The billionaire also said he'll buy and sell stocks based on information before the site publishes it.
Cuban said he has not been a direct victim of fraud but was motivated to start the site by his approach to investing.
'I'm a firm believer that out of [the more than 10,000] public companies the odds are that there are more than just a few crooks and frauds,' Cuban said. 'Finding them can be rewarding and entertaining.'
Christopher Carey, a 17-year St. Louis Post-Dispatch staffer, said Sharesleuth.com will launch next month and also carry work from a network of stringers that will include burned investors.
Neither Carey nor Cuban would disclose how much he is investing in the site.
Cuban mentioned such a site two weeks ago in his own Web log, blogmaverick.com, although he didn't mention it by name then. He faulted the mainstream media for failing to tell stories in a compelling, multimedia fashion.
Cuban believes stories from the Web site can be repackaged for his high-definition television networks, HDNet and HDNet Movies.
Cuban also said that he could use information that the site uncovers to buy and sell stock.
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