Mark Cuban and the SEC

Mark Cuban was charged with insider trading today by the SEC.  He cannot and will not go to jail, as this is a civil charge, not a criminal.  He stands to lose about $1.5M.  I am rather skeptical of this charge, since Cuban is known as being an upfront, albeit pompous, guy.  His official statement:

“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.”

We shall see what happens.  But we should remember the last time the SEC went after a celebrity: Martha Stewart.  And that was quite the miscarriage of justice.  For more on that, I'd suggest you read Reason's article entitled: St Martha: Why Martha Stewart should go to heaven and the SEC should go to hell.

For what it's worth, Mark can count on my support.