Mark Cuban faces charges by the Securities and Exchange Commission (SEC) for violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Mark, take some good advice from an old fashion Indiana lawyer, keep your mouth shut! This is not an NBA matter. The potential jail time almost always occurs because some one is found to have lied under oath. Follow your lawyers advice. If I were that lawyer, I would tell you to keep your mouth shut and pay the fine without admitting any guilt. Steroids did not get Bonds in trouble. Allegedly lieing under oath did. You can testify truthfully and still be found to have lied under oath. Think of it as a trap and don't take the bait. Despite this advice, it may be hard for Mark to stay quiet.
The billionaire owner of the Dallas Mavericks is accused of insider trading over the sale of 600,000 shares of Mamma.com. The SEC's lawsuit did not specify what fines the commission intends to seek. Cuban became a billionaire by selling his company, Broadcast.com, to Yahoo while he was living in Bloomington, Indiana. In 2000, Mark purchased the Dallas Mavericks $285 million from H. Ross Perot Jr. Cuban became a very hands-on owner, spending his time on the court rather than up in the owner's box. Mark even has his own blog.