Kevin Abikoff was quoted extensively by On Wall Street, a news source for financial advisors, in a Dec. 1, 2013 story headlined “Lessons From Mark Cuban’s Broker.”
Abikoff represented Charles McKinney, Dallas Mavericks owner Mark Cuban’s longtime stockbroker, as a witness during Cuban’s insider trading trial. On Oct. 16, a jury rejected allegations made by the Securities and Exchange Commission's (SEC) that Cuban had benefitted from insider trading in the shares of Mamma.com.
Abikoff provided a number of tips to financial advisors who might be called in front of a jury on behalf of a client, including to be prepared for possible legal action before a subpoena arrives, and to direct any concerns with a transaction to compliance departments and lawyers “within the first minutes” of learning about it.
Once a trade or transaction becomes the subject of potential litigation, Abikoff said advisors should follow three steps: Reconstruct all recollections and communications related to the transaction; seek the help of a lawyer; and do so before your first meeting with any prospective court opponents, particularly if they come from the government. “There is no such thing as a friendly session with the SEC,” he said.