Billionaire entrepreneur Mark Cuban—who's had his own run-in with the Securities and Exchange Commission—said Wednesday that he sees a "red flag" in the recent case against Patriarch Partners CEO Lynn Tilton.
Tilton, one of the richest, self-made businesswomen in America, has vowed to fight fraud charges brought by the SEC—accusing her of failing to properly value assets using the methodology described to investors in offering documents.
"I don't know all the details obviously, [just] what I read," Cuban said on CNBC. "It's not the type of investment that changes day to day. And because it was from more than 10 years ago, did she all of sudden change how she valued things?"
In 2013, Cuban was acquitted of insider trading charges brought by the SEC.
"In my case they waited, and ... they wanted a skin on the wall," the Dallas Mavericks owner and "Shark Tank" co-host said in the "Squawk Box" interview. "It took less than five hours, of which an hour was for lunch, for the jury to decide that they were full of crap."
In a tweet Monday, CNBC's wealth reporter Robert Frank compared Tilton's situation to the Cuban case:
@LynnTilton echoes @mcuban in saying just because SEC makes charges "doesn't mean I am guilty without a battle."
That sparked a tweet of advice from Cuban:
.@robtfrank @LynnTilton first test is whether they told you or @CNBC first ? 2nd is who did @secnews assign to case
@mcuban @robtfrank @secnews litigation team in Denver, Dugan Bliss. After 5.5 yr investigation, sue in ALJ court w 60 days to defend. Fair?
Tilton then wrote: