My understanding of the SEC has evolved since I just finished the Snowball Warren Buffet book (http://www.amazon.com/Snowball-Warren-Buffett-Business-Life/...). There is a section that discusses his run in with the SEC and there is a behind the scenes discussion before charges are pressed (in WB's case, not pressed). I think Cuban has already had a chance to defend himself behind the scenes, and despite this the SEC is still deciding to prosecute. This has example written all over it.

Read the statement of facts in the PDF as well: (http://sec.gov/litigation/complaints/2008/comp20810.pdf). After reading it, chances seem slim that he's innocent.