In recounting his long debacle with the SEC, Mark Cuban said he didn't take the issue seriously at first because he didn't think he'd done anything wrong. "Then I turn on CNBC, and I'm the headline."
Cuban, once the target of a highly publicized U.S. insider trading probe, met publicly with Christopher Cox, the former Securities and Exchange Commission chairman who oversaw the probe for the first time on Tuesday.
A jury acquitted Cuban in 2013, and he resolved to bring about reform for the country's top finance regulator.
"The best steps we can take with the SEC, particularly when it comes to enforcement and insider trading and accounting, is to extract that from the SEC and create a different organization," Cuban said.
Cox acknowledged that the SEC needed to reallocate resources its resources away from enforcement.
"If we're going against a Mark Cuban then we can't go against somebody else" or address pandemic risks that might be spreading he said. The SEC's rationale is to move these cases as fast as possible, Cox said.
Cuban said he still doesn't trust the agency and said he buys SEC trial transcripts to read them.
"It isn't just about the money or about the fight, he said. "What if I lose? What am I gonna tell my kids?"
At the heart of the SEC you want to improve capital formation, yet over the past several years the number of IPOs has dropped by 40 percent, Cuban said.
Cuban and Cox came together in front of hundreds of financial advisors at the MarketCounsel Summit in Las Vegas.
In 2008 the SEC accused Cuban of avoiding more than $750,000 in losses by illegally selling 600,000 shares of Canadian search engine company Mamma.com in 2004.
After his acquittal, Cuban lashed out at the SEC's processes saying that he felt the suit was a personal attack.