Mark Cuban Denies Insider Trading ChargesBillionaire Maverick(s owner) Mark Cuban has issued a statement proclaiming his innocence on the insider trading charges that the SEC filed against him earlier today. He posted the statement on his beloved blog, appropriately. And when he says "I wish I could say more," you can trust that he's telling the truth. We look forward to an ill-advised outburst from him in the coming weeks. For now, the official denial is after the jump:
Mark Cuban today responded to a civil complaint filed by the United States Securities and Exchange Commission in the United States District for the Northern District of Texas, Dallas Division. In its complaint, the Commission charges that Mr. Cuban engaged in violations of the federal securities laws in connection with transactions in the securities of Mamma.com Inc. 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. Mr. Cuban stated, “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.”
[Blog Maverick; pic via Dallas Observer. And FreeMarkCuban.com is already active, even though he's still free.]