SEC Now Probing Its Own Staff Around Mark Cuban Investigation
Yikes. It’s hard to imagine the SEC being made to look worse than in the aftermath of the Bernie Madoff scandal, yet its case again Internet billionaire Mark Cuban -- and his newer countersuit against the SEC -- is starting to have that very effect. According to Bloomberg, the SEC’s inspector general is now probing claims that the agency’s staff acted improperly while compiling its insider trading case against Cuban, who was accused last year of selling his shares of Mamma.com hours after a confidential conversation with the company's CEO about a PIPE transaction that Cuban disapproved of. Though Cuban had a 6.3 percent stake in the company, his attorneys say the SEC hasn’t shown that Cuban was barred from selling his shares.
3 June 2009•1 min read
