More Incompetence from the SEC

Last week, a federal judge dismissed an insider trading case made by the SEC against Mark Cuban.  I discussed this case several weeks ago. 

"U.S. District Judge Sidney A. Fitzwater ruled that the SEC could not hold Cuban liable for insider trading because the agency didn't allege the billionaire NBA team owner had agreed not to trade based on confidential information he received about an Internet search engine company, Mamma.com Inc."

Let me say that this is a HUGE joke. Think about it.  Just because the company did not explicitly get Cuban to promise not to use the information for his gain, that's supposed to mean there was no insider trading?  WRONG.

Someone has to pay the price for this fraud; if not Cuban than the CEO of Mamma.com. 

Cuban acted illegally.  Shareholders were ripped off.