Mark Cuban, the billionaire entrepreneur and owner of the Dallas Mavericks basketball franchise, on Monday disputed an accusation from the Securities and Exchange Commission that he profited from insider stock trading.
"I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions," Cuban said in a statement posted to his Web site. "The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”
The SEC accused Cuban of insider trading for selling 600,000 shares of an Internet search engine company prior to an impending stock offering.