David Kirkpatrick

July 17, 2009

Cuban dodges SEC bullet

Filed under: Business, Politics — Tags: , , , , — David Kirkpatrick @ 3:06 pm

Mark Cuban won an insider trading case brought by the SEC after dismissal. If I’m remembering correctly, in Cuban’s brash defiance (imagine that) of the original SEC charges he essentially admitted guilt. Looks like this might have been yet another case of SEC incompetence from the last several years, or maybe the original charges shouldn’t have been brought in the first place.

Either way it’s a little more egg on the Securities and Exchange Commission. It’s definitely a group with nowhere to go but up.

From the link:

A federal judge dealt a blow to the Securities and Exchange Commission on Friday when he dismissed its insider trading lawsuit against Mark Cuban, the controversial billionaire owner of the National Basketball Association’s Dallas Mavericks.

The S.E.C. asserted in a lawsuit in November that Mr. Cuban had sold shares of a Canadian Internet search company, Mamma.com, after receiving confidential information from its chief executive in a telephone call that the company was going to sell additional shares through a private offering in 2004.

But the S.E.C. failed to prove that Mr. Cuban had made an agreement with the company’s chief executive that he would not sell his own shares during that call, Judge Sidney A. Fitzwater of the Federal District Court in Dallas wrote in a 35-page decision released on Friday.

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