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The Securities & Exchange Commission is appealing a judge's dismissal of the commissions insider trading lawsuit filed against billionaire Mark Cuban.Bloomberg reports that "The SEC today filed a notice of appeal at U.S. District Court in Dallas without indicating what arguments it may make. A judge had dismissed the agency's lawsuit in July, saying Cuban's alleged promise to keep information confidential about Mamma.com Inc. didn't bar him from trading the company's stock."
Here's the problem: The $750,000 in losses that Cuban allegedly avoided by selling the stock is a pittance in the grand scheme of Cuban's wealth -- and a real pittance in the grand scheme of all the major securities fraud cases that the SEC has utterly failed to protect investors from.
The case against Cuban was incredibly weak from the beginning and given that, and the triviality of the sum involved, the SEC should get a life. Stop wasting resources on a dead case, and go after real threats to the fairness of the securities markets.
There are plenty of legitimate cases to be made there. They might not be as much fun as harassing an arrogant billionaire, but it'll be a lot better for investors.
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