Penny Stock Wallbusters

[norristhecat]

for the mavericks fans...Score another point for Mark Cuban in SEC battle
Posted Jun 2nd 2009 6:30PM by Zac Bissonnette
Filed under: Scandals

The SEC's insider trading case against Mark Cuban is proving to be quite different from the usual open and shut matters we've come to expect from the commission. As Jonathan Berr reported yesterday on DailyFinance, some major legal experts have defended Mark Cuban's insistence that he didn't qualify as an insider when engaged in the trades in question.

Worse news for the SEC: Cuban has taken the unusual step of suing the SEC for denying him proper access to documents that detail the SEC's allegations and evidence against him.


The lawsuit, filed in U.S. District Court in Washington, accuses the commission of improperly rejecting requests to access some evidence, being too slow to respond to some requests, and not trying hard enough to find all the documentation Cuban's attorneys requested.

And now for more bad news for the SEC: The Wall Street Journal reports (subscription required) that "The inspector general of the Securities and Exchange Commission is investigating allegations that enforcement staff engaged in misconduct in connection with the insider trading case filed last fall against Mark Cuban."

The investigation was of course spurred by complains from Cuban's legal team, so it can't be called a real setback for the SEC unless there's some sort of unfavorable outcome. But for the $750,000 Cuban is accused of saving by dumping the MAMA.com shares, this case is turning out to be quite the headache for the SEC -- and Cuban loves a good fight, so this one seems destined to drag on until either Cuban is convicted or acquitted or the SEC drops the charges.