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Court Orders SEC to Reinstate Insider Trading Allegations Against Mark Cuban Who Ironically Bank Rolls Investigative Website on Securities Fraud

Mark Cuban recent appearance on HBO's "Entourage"

Mark Cuban recent appearance on HBO's "Entourage"

By Allan Lengel
ticklethewire.com

WASHINGTON — Perhaps one of the more ironic things about Dallas Mavericks owner Mark Cuban being accused of insider trading is that he bank rolls a website called Sharesleuth.com, which bills itself as “an independent Web-based reporting aimed at exposing securities fraud and corporate chicanery.”

On Tuesday, Cuban was back in what must be an uncomfortable situation for the website: The federal appeals court reinstated the Security and  Exchange Commission’s insider-trading civil case against him, according to the New York Times.

In November 2008, the S.E.C. filed civil charges against Cuban, accusing him of “trading on confidential information when he sold his stake in a small Internet search company just before it announced news that caused its stock price to drop,” the Times reported. The matter was dropped more than a year ago.

Cuban’s lawyer Christopher J. Clark issued a statement about the reinstatement of the allegations,  saying:“We are supremely confident that we will prevail in the district court, either on summary judgment or at trial. The record will show that the S.E.C. alleged facts that it knew it could never prove and brought this case as a result of a pre-existing bias against Mr. Cuban.”

Cuban recently appeared in some episodes of the HBO hit “Entourage”.


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