Wealthy basketball enthusiast Mark Cuban is looking to throw some money in the direction of the Securities and Exchange Commission in hopes of expediting the agency’s insider-trading beef against him, Bloomberg reports.
Cuban’s attorneys have proposed hiring contract attorneys to help the SEC go through its mountainous files on the cheeky Internet entrepreneur, who has requested under the Freedom of Information Act that certain agency documents be made available to him.
Currently, SEC review of the documents is projected to take eight months. Nevertheless, the government is not exactly excited that Cuban has offered to help:
Melinda Hardy, an SEC attorney, said in court that Cuban’s offer was unprecedented. She said the agency is concerned people with “deep pockets would come in and go to the front of the line.”
It truly would be unprecedented for a wealthy person to shrug off the impact of an SEC investigation. The mind boggles at the very notion.
mtaylor [at] observer.com | @mbrookstaylor