Cuban's Response To Insider Trading Charges: 'Wish I Could Say More'; Lawyer Says 'No Merit'
This story was written by Staci D. Kramer.
Mark Cuban's personal response to insider trading chargers filed today by the SEC is limited to one line on BlogMaverick: "I wish I could say more, but I will have to leave it to this, and let the judicial process do its job." His official statement in the press release that follows the note: "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."
In the statement, Cuban's lawyer Ralph C. Ferrara said there is "no merit" to the allegations that Cuban violated federal laws in his sale of Mamma.com stock and that it is "a product of gross abuse of prosecutorial discretio." 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." Ferrara said the matter has been pending for nearly two years.
By Staci D. Kramer