DALLAS -- Owner Mark Cuban was out of the courtroom and back at the Dallas Mavericks' practice Friday -- two days after being cleared of insider trading charges brought on by the Securities and Exchange Commission.
Cuban was cleared of selling 600,000 shares of Mamma.com stock for $7.9 million, thus avoiding a $750,000 loss after he allegedly received some inside information about the stock. A jury, however, ruled in Cuban's favor.
"It's not right what happened,'' Cuban said. "Hopefully I can do something to change it so it doesn't happen to somebody else. It's just not right.
"Your government, they’re supposed to look for justice, not wins and losses. It's crazy.''
Cuban reportedly spent more than $8 million in lawyers' fees fighting the case. But he would have had to pay a maximum of only $2 million in fines if he would have lost the case.
Of the difference between his lawyers' fees and the fine, Cuban said: "It wasn't a maxed-out contract, but it was in shouting range.''
Cuban said this case -- from his standpoint -- was never about the money, but about principles and about exposing the SEC.
"It obviously is an organization run by lawyers, because they’ve got a prosecutory mentality,'' Cuban said of the SEC. "It shouldn’t be about wins and losses.
"It should be about finding the truth and finding justice, and hopefully I can at least have a small impact on all that by talking out.''
-- Dwain Price
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