According to the NYT, Mark Cuban is being sued by the SEC for insider trading. Case seems pretty straightforward. I imagine that won't help him in his quest to purchase the Cubs.
As a Mavericks fan, this makes me sad. I’m in the IT industry so I’ve always admired Cuban, even though he’s like a 1970’s basketball version of George Steinbrenner.
A shame to risk jailtime and probably ruin your MLB chances for a measly 750K.
It’s a civil suit; he won’t get jail for this.
Pujols won MVP – deserved it, but I half expected the voters to vote one of the Philly in again. Good job.
Wait, why is it just a civil suit? Isn’t insider trading a federal crime?
> Wait, why is it just a civil suit? Isn’t insider trading a federal crime?
ag is not an attorney. Quick guess: the SEC only has enough information to press for fiscal damages as civil trials don’t carry the same burden of proof as a criminal trial. But like I said, ag doesn’t know Shinola.
> Mr. Cuban then ran a Dairy Queen for a day; even in retribution, he was seeking attention.
This quote bothers me. Actually, much of the article’s writing bothers me, especially the last couple paragraphs. It seems Jack Lynch and Liz Robbins are grinding an ax.
It’s probably very hard to prove this in criminal court, as Gerb says. Also, remember that Martha Stewart went to jail for obstructing the investigation into her supposed insider trades, not for the trades themselves. Sticky wicket – the SEC would probably be pleased to “punish” Cuban on the order of seven figures, which would also serve to screw up his reputation as bonus collateral damage.
From Cuban’s blog:
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.
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