Billionaire Dallas Mavericks owner and “Shark Tank” investor Mark Cuban believes that the Security and Exchange Commission’s investigation of him for alleged insider stock trading, cost him the chance to own the Chicago Cubs, according to private testimony obtained by the New York Post.
A federal jury cleared Cuban of all charges last year. But newly released documents show that Cuban believes the case screwed him over.
“It created an uphill battle for me,” Cuban said in private testimony obtained by The Post through a Freedom of Information Act request.
Cuban bid $1.3 billion to buy Cubs in 2008. That was about the same time the SEC publicly accused Cuban of avoiding a $750,000 loss through an alleged improper sale of his stock in an Internet search company called mamma.com.
In 2009, Cuban wasn’t selected to participate in the final bidding round for the Cubs.
He blamed the SEC for the loss of the Cubs in testimony with the SEC’s then-Inspector General, David Kotz. Kotz was investigating Cuban’s allegations that the SEC mishandled his case.
Cuban won his court case last year. He leaned into the SEC after his trial ended.
Cuban also said that the failed SEC investigation hurt his image so badly, that kids heckled him at Mavs games. They chanted, “Insider trading!”
“I mean, it’s funny,” Cuban said. “But it’s sad at the same time.”
Tom Ricketts is the owner of the Cubs. He and family members bought the team, along with other assets, in January 2009 for about $900 million — far less than Cuban’s bid for the team.
You have to wonder how different things would have been in Chicago had Cuban been named the owner.