Slotnick, the New York criminal defense lawyer, said Cuban paid far more to defend himself than the $750,000 loss he avoided by selling his Mamma.com stake.
‘One-Off’
While the regulator’s most-heavily publicized cases typically involve greater sums of money and broader schemes, Slotnick said, this case got attention because of Cuban’s fame. He called the trial a “one-off” and said the SEC won’t be damaged by it.
Bradley Bondi, a former SEC lawyer who’s now a partner at Cadwalader Wickersham & Taft LLP, said a loss for the SEC’s trial unit can be humbling.
The verdict “may be the result of jury nullification for a home-turf Maverick as opposed to a true loss on the merits,” he said.
The case is Securities and Exchange Commission v. Cuban, 08-cv-02050, U.S. District Court, Northern District of Texas (Dallas).