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Mark Cuban To The SEC: I’m Not The Insider Trader, You Are!

Posted by Timothy Sykes on Sun 30th of Nov, 2008 03:35:43 PM
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Remember when the SEC grabbed all the headlines after going after Mark Cuban with insider trading?

First, he responded with this post and this post.

Now…

Well, Cuban ain’t going down without a fight and it’s almost laughable how easy it is for this determined SOB to pick apart this joke of a government regulator:

In this post Cuban writes:

First the humorous side of the report, the SEC apparently has issues with Porn usage among employees.

Now the Serious.

It never crossed my mind that it would be legal for employees of the SEC to trade stocks. Not that they shouldn’t have rights to own whatever they want in a trust. They should. Trading individual stocks and bonds. Wow.

There is a SEC policy in place regarding trading and what employees can and can’t do according to this report, but if you know about actions of one company, even if you don’t trade that company, doesn’t that provide you insight into an entire industry ?

But wait there is more. According to this report,

” we have determined that the Commission’s current system in place to report the ownership and
trading of securities is insufficient to prevent and detect insider trading on the part of
Commission employees or violations of the Commission’s rules.

The OIG investigation has found that the reports that employees are required to file when they buy, sell or own securities are not meaningfully reviewed or sufficiently checked for conflicts of interest. Moreover, there is currently no system in place for the Commission to detect if an employee who has traded or owns a security failed to properly report such transaction. “

Awesome, facts from internal memos are better than any rants I’ve ever written against Big Incompetent Brother (BIB).

From the related Washington Post article:

The Securities and Exchange Commission, the top U.S. cop for insider trading, is examining whether two of its employees broke agency rules or tapped nonpublic information while making a high volume of trades.

SEC Inspector General David Kotz said his office has reviewed more than two years of brokerage records to see if the investments were approved, properly reported and held for required amounts of time. The probe described in Kotz’s semi-annual report to Congress, posted yesterday on the SEC’s Web site, also examines whether trades were based on confidential information from casework, co-workers or agency resources.

So if we are to trust Cuban’s blog and THIS long SEC memo, the SEC are probly more at risk of insider trading than anyone else…typical BIB SEC hypocrisy.

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  • Rene_von_linne
    Hey tim

    I am trying to sign up for the timalert tournament but I need a password to join?
  • UMOO password: TIMalerts76
    But I have a feeling Umoo may cancel the game because they wanted a minimum of 200 players and there are only about a 100 registered.
  • cash
    man everone is just trying to make a buck and get an edge aren't they?
  • Ben
    Just watched your PennyStocking DVD and I really enjoyed it.

    Couple of thoughts/questions:

    1) You are way more down to earth, humble, and easy to relate to in your DVD. Your blog would make you appear more arrogant, cocky, etc. But watching the DVD shows your personality and humble nature when you admit all your mistakes.

    2) You say not to trust anyone and that everyone has an angle. Couldn't someone argue that you have an angle also? To sell more DVDs/products?

    3) It's hard for me to look at your trading history and not be suspicious with so many winners on your balance, especially when all your money is from TimAlerts and Tim DVDs

    4) Could it eventually be a good strategy to counter move to your TIM Alerts? If you have so many sheep following you blindly without knowing why you do what you do, maybe there will be opportunity to slaughter all those sheep :-)

    5) What value do your other DVDs have beyond the basic Pennystocking DVD?

    Thanks TIM!

    Mad respect for doing what you love to do, living passionately, and kicking ass.
  • of course a strategy wll be to eventually go against my alerts, who knows when that will be, i just keep rading based on the patterns i see.

    and yes my angle is selling books/dvds/subscriptions and to do that, i nned testimonials...my angle is making the most profitable u can be
  • Ben
    Ok fair enough Tim.

    By the way, I was re-reading some of your earlier stuff.

    Imagine if you had held DARA until today -- it's worth .50

    But I know, this isn't a buy/short and hold strategy, just interesting to see how far these POS stocks fall in the long run.
  • Dave
    Cuban is a blowhard and a coward. He is attempting to justify his fraud by identifying others that may have done the same so as to justify it. I asked him on his blog how he would have reacted if he had been on the purchasing end of those 600,000 shares instead of the selling side - he deleted the question. I also asked him about his post about the naked short sale retaliation investigation and pointed out to him that the issue is now a global regulatory issue while he [Cuban] is on record denying it's very existence. He deleted that comment as well.

    Cuban hates being shown up and like the spoiled child that he is he picks up his ball and runs away when things don't go his way. Cuban is a crook and we all now know it.
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Who Is Timothy Sykes And Why Should I Care?

See Tim's full bio HERE. Tim turned a few thousand dollars into a few million by taking small gains time after time on hundreds of volatile penny stocks, discovering that his trading strategy, while consistently successful, works best for those with smaller accounts.

Determined to teach others this PennyStocking trading strategy (learn more HERE), he went back to his original $12,415 roots (already $58,000+ even though the stock market has crashed) to show everyone how to turn thousands into millions, even while having a life (somewhat) and making plenty of mistakes. Currently he is the #1 ranked trader out of 25,000+ on Covestor)

How Can I Consistently Make Money In The Stock Market?

Hard work, Determination and Know How.

Hard work to learn how the greatly misunderstood niche of penny stocks provides opportunities every now and then on which you should pounce.

Determination to seek those probable profits out and know how in order to actually profit from them.

Long story short, wait for stocks that are extremely volatile - for whatever reason - and then aim to take small profits (between 10 and 50% within a few hours, days or weeks) here and there, either from betting on higher or lower prices (yes, you can make $ betting on lower prices, it's called Shortstocking (learn more HERE).

Why Penny Stocks?

As Tim explains in several ALL-NEW instructional DVDs (see them HERE) and in over 2000+ blog posts, penny stocks are the most hyped and corrupt niche in the entire investment world. These two qualities make them the easiest to profit from (legally) because the vast majority of people who play penny stocks are suckers and all-around ignorant people. If you have any intelligence whatsoever, you have a clear advantage and it's like playing basketball against mental midgets.

Where Do You Find Stocks To Trade?

This is the #1 FAQ (see more HERE) and it is answered in THIS instructional DVD.

Of course, that's just a brief introduction - to receive a full education, there is Tim's book An American Hedge Fund which is the story of his remarkable rise and lessons learned.

To truly increase your odds at profit, Tim has designed an entire set of detailed instructional DVDs, covering all the variables that amount to over 24 hours of instruction (see them all HERE)!

TIM Trades

View All
Date Stock Buy Sell Net
Nov 6 QXM $4.31 $4.80 $1936
Nov 4 COT $8.66 $8.88 $642
Nov 4 QXM $4.61 $4.89 $822
Oct 30 DDRX $25.70 $26.53 $812
Oct 29 CTDC $4.00 $4.42 $781
Oct 26 AWSL $3.24 $4.10 $2516
Oct 23 RODM $5.27 $5.23 $301
Oct 22 AMLM $2.69 $2.97 $820
Oct 22 USEG $6.12 $6.09 $85
Oct 20 CBOU $8.93 $9.06 $243
Oct 16 VRMLQ $16.79 $18.65 $2773
Oct 13 YONG $11.05 $11.66 $1202
Oct 13 NPHC $0.59 $0.71 $583
Oct 12 IMGG $0.60 $0.70 $682
Oct 9 ZAGG $5.50 $6.10 $2380
Oct 7 GVBP $0.03 $0.27 $702
Oct 1 NPHC $0.70 $0.85 $1482

Total: $92,304 (644%)