Mark Cuban Slams SEC

Mark Cuban Slams SEC (But Says It Has "Nothing" To Do With His Situation)

Joe Weisenthal | Nov 30, 08 10:46 AM

What was Mark Cuban doing at 2:00 AM this morning? Posting to his blog about a new OIG report critical of the SEC. But the Dallas Mavs owner, who's currently facing insider trading charges from that very agency, insists that his late night blogging has nothing to do with his own situation. He's just a normal guy interested in "all things financial and the government during this financial crisis."

So what parts of the report (.pdf) did Cuban find interesting?

SEC employees are allowed to trade stocks, but the controls used to conduct internal investigations into insider trading by SEC employees are wanting.
There have been several instances of SEC staff engaged in retaliatory investigations against companies that have complained about naked shorts
Six SEC employees in the last six months have been referred to the Justice Department for possible criminal prosecution.

So obviously, Cuban's interest in this report has nothing to do with his own situation. It just so happens that he's been charged with insider trading, and part of his defense is that an SEC staffer had a personal vendetta against him. But yeah, nothing to do with him.

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3 Comments

Mike said:

Nov. 30, 11:55 AM

He meant the post has nothing to do with his investigation...but I don't think he implied his interest is solely to protect the interests of the greater good.

MikeM said:

Nov. 30, 1:54 PM

Pathetic attempt at making the SEC look bad. Billionaires with gigantic ego's can't stand being questioned.

The dude probably believes the SEC will take a look within and say, sorry Mark we withdraw the inquiry into your insider trading situation.

I was holding MAMA stock when Cuban pulled off his insider trade. He cost me (and others) money, college fund money.

He can argue it was not insider trading all day but as a shareholder I was not made aware of a PIPE coming down the line.

Cuban pimped MAMA shareholders over pocket money for him. He could have stayed and fought the Board or even bought the company outright from his personal checking account.

Cuban is no hero, that is my takeaway.

Texas said:

Nov. 30, 2:42 PM

What a shame. Cuban needs to prepare for whats coming. He is going to spend some time in prison. The problem with people (like Cuban) with so much money is that they wear a self entitlement badge proudly on their chest. The bigger problem for Cuban is he is choosing to pick a fight with the biggest player on the street. The government has more money and resources than Cuban will ever have. When this is said and done Cuban's wallet will be a little bit lighter and his resume will have convicted felon.