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SEC Critic Cuban Tweets Commentary at Agency’s Conference

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Billionaire Mark Cuban
Mark Cuban, billionaire owner of the Dallas Mavericks basketball team, speaks with members of the media as he exits federal court in Dallas on Oct. 3, 2013. Photographer: Mike Fuentes/Bloomberg

Feb. 21 (Bloomberg) -- Mark Cuban has criticized the U.S. Securities and Exchange Commission since defeating its lawyers who brought him to trial on insider-trading charges. Today he surfaced at one of its conferences and turned up the heat via Twitter.

Cuban, wearing a gray hoodie and jeans, sat in the audience of a conference in Washington where SEC Chairman Mary Jo White and other top regulators gave speeches on the agency’s agenda. The Dallas Mavericks owner tweeted comments on their remarks, offering a mix of praise and criticism of White and SEC Commissioner Luis A. Aguilar.

“Love the fact that Commissioner Aguilar is CRUSHING the SEC on its turnover,” Cuban tweeted. “I’m liking this guy a lot.”

A jury in October found Cuban, 55, didn’t commit insider trading when he sold his stake in an Internet company after learning about its plans to raise additional funds, which would have diluted his investment. Cuban compared the victory to “winning a Mavs championship” and criticized the agency’s trial lawyers by name on Jay Leno’s Tonight Show.

Cuban said today that he’s not seeking an audience with White and attended the conference to learn more about how the SEC operates. In a brief interview with reporters, he criticized the agency for blaming its problems on a lack of funding.

“Commissioner Aguilar said the same thing -- there’s no institutional knowledge anymore because of the turnover, and that creates a big problem,” he said. “It was obvious in my case.”

To contact the reporter on this story: Dave Michaels in Washington at dmichaels5@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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