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Yesterday, a jury ruled that Mark Cuban did not commit insider trading, ending a nine-year ordeal that saw the billionaire entrepreneur/Dallas Mavericks owner/Shark Tank star emerge free and clear.
“The jury in federal district court in Dallas found that the Securities and Exchange Commission failed to prove several key elements of its case, including that Cuban traded on nonpublic information. The SEC accused Cuban of using inside information to sell $7.9 million of stock in Mamma.com Inc. after he learned confidentially of a stock offering that would send the share price down. The agency wanted Cuban to repay $750,000 in losses that he avoided, plus pay a penalty.”
As a fellow Pittsburgh native, business man, Shark Tank fan, and eventual billionaire myself (don’t question it), I’m pretty happy for Mark, and the actual charges were rather nonsensical as well, but the real story isn’t his victory but instead the scathing interview he gave after he emerged from the courthouse.
Outside of tearing various SEC members a new asshole and questioning their policies, accessibility, honesty, and entire approach to governance, the famously outspoken Cuban threw their patriotism under the bus as well.
“I don’t need anything from them, I don’t want anything from the SEC, except for them to act like American citizens and treat other American citizens the way they deserve to be treated because this is a horrific example of how government does work.”
Further, Cuban threw out back-to-back power moves throughout, such as stating that he won’t be bullied even if the bully is the US Government, confirming that he spent “far more” on his legal team to win than he would have been fined, and flat out saying “when I do things, people pay attention.”
Finally, as his beat down came to a close, a reporter asked him, “How bout those Mavs?”
“How bout the Mavs?” Mark responded, smiling as he turned to leave. “I got a game to watch.”
[via BreitBart]
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@RogerSterlingUS
Awesome power move to spend more money beating the charges than you would’ve had to pay in fines. Huge middle finger to the SEC.
Fucken Cube, man. Just grabbing life and humping into submission.
http://www.youtube.com/watch?v=ockqIK8x4Ik
I wish he was my boss. I would actually work my ass off for this is man.
He made a big point about government bullying. Dealing with something as small as a simple IRS audit can be so expensive for most individuals or even small to medium sized businesses, let alone an insider trading charge.
Damn, with all of these down arrows, I hope the article is being passed around DC
That’s assuming politicians and unelected regulators actually give a shit about what the people think, and you know what they say about assuming.
They’ve had a lot of free time on their hands
Way too much. obummercare already has a million words in additional regulations created by the unelected regulators of the program. Apparently a 3000 page mystery bill wasn’t enough.
Was hoping Cuban was making comments about not paying SEC players for their football play…