On November 17, 2008, the Securities and Exchange Commission charged Dallas Mavericks' owner, Mark Cuban, with insider trading. For those non-sports fans, the Dallas Mavericks is a professional basketball team, and Mark Cuban is the team's widely outspoken billionaire owner. The SEC's complaint claimed that in 2004, Cuban learned of a private offering of Mamma.com that would decrease the value of his 600,000 shares of Mamma.com. The complaint alleges that when Cuban learned of the private offering, he sold off his stake in Mamma.com and, as a result, reportedly saved $750,000.
A federal judge dismissed the case in July 2009.
This week, Cuban filed a motion demanding that the SEC pay the legal fees that he incurred in defending the insider trading case against him. Cuban cites alleged misconduct by the agency and requests that it be sanctioned for its “bad faith.” It appears that Cuban is as aggressive on the court [basketball] and he is in the court.
As reported, an SEC spokesman John Nester, said the agency looks forward to dealing with the motion “as we consider taking our insider trading case against Mr. Cuban up on appeal.”