Padre Owner Being Investigated by the SEC

Padre owner and Peregrine Systems chairman John Moores is being investigated due to "alleged fraudulent accounting practices at his computer software company." Two quotes of interest that are even more interesting when juxtaposed:

[T]he company generated "false and misleading" financial statements that allowed Moores to sell his majority share in the company at inflated prices. Between Oct. 29, 1997 to Feb. 28, 2001, Moores sold 18,815,966 shares for $611.4 million in 100 documented trades, according to SEC filings.

Last week, Moores was one of a handful of Major League Baseball owners who said he would be unwilling to continually finance a team under the game's current economic system. In a May 15 article in the Wall Street Journal, Moores said the Padres lost $43 million between 1998 and 2000.