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SEC Charges Mark Cuban With Insider Trading
In a posting on his blog Monday, attorneys for HDNet Chairman Mark Cuban charged the SEC with misconduct and called the commission's insider trading complaint filed against Cuban Monday meritless.
"This matter, which has been pending before the Commission for nearly two years, has no merit and is a product of gross abuse of prosecutorial discretion. Mr. Cuban intends to contest the allegations and to demonstrate that the Commission’s claims are infected by the misconduct of the staff of its Enforcement Division," said attorney Ralph C. Ferrara, an attorney with Dewey & LeBoeuf in Washington, according to the blog.
Said Cuban: “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.”
The often voluble Cuban said he wanted to say more, but would let the legal process "do its job."
Cuban founded HDnet after co-founding broadcast.com, then selling it to Yahoo! for over $5 billion. He also owns the Dallas Mavericks and the Landmark theater chain.
