Mark Cuban has criticized the Securities and Exchange Commission since defeating its lawyers who brought him to trial on insider-trading charges. On Friday, he surfaced at one of its conferences and turned up the heat via Twitter.
Mr. 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 Ms. White and SEC member Luis A. Aguilar.
There is a shocking lack of self awareness at the SEC. Nothing is their fault.— Mark Cuban (@mcuban) February 21, 2014
“Love the fact that Commissioner Aguilar is CRUSHING the SEC on its turnover,” Mr. Cuban tweeted. “I'm liking this guy a lot.”
A jury in October found Mr. 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. Mr. Cuban compared the victory to “winning a Mavs championship” and criticized the agency's trial lawyers by name on Jay Leno's "Tonight Show."
Mr. Cuban said Friday that he's not seeking an audience with Ms. 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.
The @SEC chairwoman has mentioned funding so many times I feel like I'm being pitched at a fund raiser.— Mark Cuban (@mcuban) February 21, 2014
“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.”
I'm impressed by the @sec chairwoman's confidence and salesmanship .— Mark Cuban (@mcuban) February 21, 2014
Unfortunately when it comes to her comments on enforcement she showed a lack of self awareness. But to her credit she is selling hard.— Mark Cuban (@mcuban) February 21, 2014