One really cannot feel too much empathy for the fact that billionaire Mark Cuban was pursued by the federal government on insider trading charges. He could, after all, afford either to fight the charges or pay the fine without feeling any pain. Cuban decided to do the principled thing, the costlier thing, the less expedient thing and fight the charges. Obama’s Securities and Exchange Commission pursued Mr. Cuban on civil charges and not criminal charges. I would guess that the burden of proof is less stringent on civil cases so they took the easy path expecting Mr. Cuban like many others to buckle and pay the fine.
Mark Cuban being the shark that he is pushed back and fought AND WON recently! Again maybe you would tend to wish against the rich guy, but let’s not be coy here, Cuban won because he is rich. I don’t suggest that Cuban got a better deal because he is wealthy, but he was able to fight the full force of the federal government because he was rich…oh and he wanted to push back. Perhaps the SEC chose the wrong foe? Imagine now that is was you who had to fight the government in a legal battle. Maybe the IRS claimed you owed them thousands of dollars in back taxes and the associated fines and interest. The IRS has virtually unlimited money and lawyers and unless you are worth millions you don’t really stand a chance.
I applaud Cuban for fighting back. These kind of governmental persecutions really call for torte changes including “looser pays” laws and some action taken against “civil servants” who pursue American citizens beyond a cost of living pay raise. As this is a “Phraseology” post here are some quotes pulled from the original article;
“The nine-member jury deliberated only a few hours before reaching the verdict that ended a three-week trial and an SEC lawsuit filed in 2008.”
“During an impromptu news conference outside the courthouse, he [Cuban] angrily denounced the SEC and its lead trial attorney, Jan Folena, saying that they lied about the evidence and targeted him because of his fame. He said that defendants of lesser wealth could have been bullied.”
“Hopefully people will start paying attention to how the SEC does business,” Cuban, a Mt. Lebanon native, said. “I’m the luckiest guy in the world. I’m glad this happened to me. I’m glad I’m able to be the person who can afford to stand up to them.”
“the jury’s fast verdict was a condemnation of the SEC’s case.”
“the agency may become gun-shy about challenging people with the means to mount an aggressive defense, as Cuban did.”
“Cuban could have faced from $2 million to $3 million in fines and penalties. Cuban said he spent much more than that on the lawyers who delivered him a victory in the courtroom.”