“This is a horrific example of how government does work,” Cuban said.
“I won’t be bullied,” he added, “I don’t care care if it’s the federal government.”
Cuban was accused in the civil suit of selling shares in a company called Mamma.com in 2004 after the CEO’s company told him he was offering new stock and diluting Cuban’s shares. He says he did nothing illegal, and there were many reasons he sold his shares — including the company’s ties with a stock swindler, Reuters reported.
Cuban avoided $US750,000 in losses, though, and the SEC wanted him to give up that money and pay a civil penalty, too.
The billionaire Dallas Mavericks owner told reporters Wednesday that he ended up spending more on his defence than he would have paid in SEC fines, but he said he was glad to “be the person who can afford to stand up to them.”
Cuban attacked the SEC for failing to work with companies to help them understand how to comply with securities laws. “They regulate through litigation,” he said, “and that’s its own problem.” Watch the video below:
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