I say fry the jack ass and fine him millions. Cuban was always a critic of Traders even calling Day Traders idiots and fools and the fact he is busted for this is poetic justice in my eyes. This is even better than Elliot Spitzer and the hooker.
Right. Give hiim a fair trial, then hang him This is like Barry Bonds. While you're flying high, be a real asshole. Then, you get in trouble, the pile on begins, and everyone wants a piece of you. The only friends this guy has is the lawyer he's paying 1500 an hour.
Have you read the generalities of the case? If you have and you still call yourself a trader then you should not be here. He's guilty and anyone with half a clue would know that.
The events of Cuban's trade consummated in two days. An amatuer can surmise he has violated the law. Anyone care to comment on why it took the SEC several years to pursue this? When Cuban told his broker to sell asap, was there a conversation between Cuban and his broker as to why he was selling?
the guy got fined 500k for going onto the court during a scuffle...there is no way that they can prove insider trading on $750k when the guy is worth $2 billion...they might get him for a ton of other reasons but not for Insider trading.
It is not about the 750k or whether it is a significant amount to the trader, it is about fraud. By selling his stock (he knew it was going in the shitter) his action of selling, defrauded the buyer of his shares. The buyer was not aware of the pipe when they bought. Any monies collected from an sec action will not be returned to the defrauded investors now will it?
my first post on the subject was an "if he did it..." he posted on his blog, in 2005, that he sold because of the PIPE. (#25 in the government's complaint) the government's case has the mama CEO saying he told cuban about the PIPE, the PIPE salesman saying he talked with cuban about the PIPE, and calling his brokerage 1 minute later telling his broker to sell all his shares. seems pretty cut and dry. EDIT: here's the complaint: http://sec.gov/litigation/complaints/2008/comp20810.pdf see points 12-22, especially the part about when he sold his shares, and when the PIPE financing was publicly announced.