This could be a first: billionaire Mark Cuban has offered the SEC money to fund an investigation of… himself?
Yep, Cuban wants the agency’s insider trading case against him accelerated, after the SEC told him their lawyers could take up to eight months to review the evidence, the New York Post reports.
The SEC told Cuban they hope to get lawyers started on his case by next March so that the documents against him are ready to go by 2012.
Here’s what Cuban’s lawyer told the New York Post:
This is not Mark Cuban wanting to buy his way to the top. This is Mark Cuban offering a solution to their one singular issue regarding why they’re not producing, which is lack of resources.
Such a solution could include paying the SEC attorney’s overtime or retaining extra lawyers for the agency on a freelance basis.
Apparently the case against the Dallas Mavericks owner “is so voluminous that an attorney assigned to review it would have to spend more than eight months, assuming a pace of four pages a minute and eight-hour days without breaks,” Bloomberg reported.