Last week, a federal judge dismissed an insider trading case made by the SEC against Mark Cuban. I discussed this case several weeks ago.
http://www.avaresearch.com/article_details-210.html
"U.S. District Judge Sidney A. Fitzwater ruled that the SEC could not hold Cuban liable for insider trading because the agency didn't allege the billionaire NBA team owner had agreed not to trade based on confidential information he received about an Internet search engine company, Mamma.com Inc."
http://www.huffingtonpost.com/2009/07/17/mark-cubans-sec-case-dism_n_237715.html
Let me say that this is a HUGE joke. Think about it. Just because the company did not explicitly get Cuban to promise not to use the information for his gain, that's supposed to mean there was no insider trading? WRONG.
Someone has to pay the price for this fraud; if not Cuban than the CEO of Mamma.com.
Cuban acted illegally. Shareholders were ripped off. This is a fact.
I don't give a damn about what some judge says. He was probably paid off like most others.
And remember, this wasn't even a criminal case. It was only a civil case with a monetary penalty attached.
With no one holding accountability, now you know why insider trading is so prevalent.
Cuban's case basically sends the message that insiders can tip off their friends and families, and as long as they don't agree NOT to act on the information they won't have committed insider trading.
What kind of idiots practice law these days? Answer: the same ones who become judges.
Wow. With this final installment to the puzzle, it's office. America is now a Banana Republic.
Let me say this. The SEC is a complete joke. The agency works FOR WALL STREETand the wealthy. They are clueless, incompetant sell-outs.
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