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Mark Cuban Cleared of Insider Trading, Blasts US Government

Mark Cuban was at his best Wednesday, after a victory in court: “I’m glad i can be the person who can afford to stand up to them.” [He was talking about the US Government.] “I had nothing to hide … I won’t be bullied, I don’t care if it’s the United States government.”

Here’s the reason Cuban was blasting the Government:

Cuban was accused by the U.S. Securities and Exchange Commission of trading on non-public information when he sold his 600,000 shares in Internet search company Mamma.com – worth $7.9 million – and avoided a $750,000 loss.

The SEC brought the civil lawsuit against Cuban in November 2008. A judge dismissed the suit in 2009 but an appeals court revived the case the following year.

Cuban refused to settle the case and went to trial, even though he said on Wednesday that he had spent more on fees for lawyers than the possible fines for admitting to insider trading. He could have faced up to $2 million in fines, his lawyers said.

My favorite line from the above video: “It’s personal.” Cuban’s Mavericks open the season October 30th at home against Atlanta. Our NBA previews/projections will come next week, and I can tell you this: No playoffs again for the Mavericks.

Related: Mark Cuban Makes Fun of Hipsters In His Skechers Commercial
Related: Mark Cuban Dancing Gangnam Style With Some Ladies at an Indiana Bar [Video]

 

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