The U.S. Securities and Exchange Commission (SEC) brought a case against American businessman Mark Cuban for insider trading; Cuban was found not guilty on October 16, 2013. In an interview with Fox Business Channel Markets Now host Dennis Kneale on October 25, 2013, Cuban said that “SEC” stood for “Swiftly Enhanced Careers.” He said that employees at the SEC were more interested in their own post-SEC careers than in bringing legitimate prosecutions of financial criminals.
Cuban’s “Swiftly Enhanced Careers” backronym (back acronym) for “SEC” was the subject of several Twitter messages.
Wikipedia: U.S. Securites and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an agency of the United States federal government. It holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation’s stock and options exchanges, and other electronic securities markets in the United States.
In addition to the Securities Exchange Act of 1934 that created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C. § 78d and commonly referred to as the Exchange Act or the 1934 Act).
Wikipedia: Mark Cuban
Mark Cuban (born July 31, 1958) is an American business magnate, investor and philanthropist. He is the owner of the National Basketball Association’s Dallas Mavericks, Landmark Theatres, and Magnolia Pictures, and the chairman of the HDTV cable network AXS TV. He is also a “shark” investor on the television series Shark Tank. In 2011 Cuban wrote an e-book, How to Win at the Sport of Business, in which he chronicles his life experiences in business and sports.
Insider trading allegation
On November 17, 2008, it was reported that the U.S. Securities and Exchange Commission (SEC) filed a civil suit against Mark Cuban relating to alleged insider trading in the shares of Mamma.com, now known as Copernic.
In July 2009, the U.S. District Court dismissed the charges against Cuban. But the SEC appealed, and in September 2010 an appeals court said that the district court had erred and that further proceedings would be necessary to address the merits of the suit.
A Texas Jury found Cuban not guilty of the charges on Wednesday, Oct. 16, 2013. The nine-member jury issued the verdict after deliberating 3 hours and 35 minutes. Cuban nodded and smiled as the verdict was read.
Mark Cuban: SEC stands for ‘Swiftly Enhanced Careers’
Dallas Mavericks owner Mark Cuban on his acquittal of insider trading charges.
Date Oct 25, 2013
Show Markets Now
Personalities Dennis Kneale
Mark Cuban “ Swiftly Enhanced Careers (SEC)” Classic, I wonder what he thinks of the rest of the Government?
9:54 AM - 25 Oct 13 from Bloomington, MN
Mark Cuban says SEC really stands for: Swiftly Enhanced Careers. his foxbiz inteview w/ me here! http://bit.ly/1bCyNbg
10:37 AM - 25 Oct 13
Mark Cuban: SEC stands for ‘Swiftly Enhanced Careers’ http://www.snsanalytics.com/iWr4y3
5:01 PM - 25 Oct 13
New York City • Banking/Finance/Insurance • Friday, October 25, 2013 • Permalink