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Thursday, October 17th, 2013 at 11:40 am  |  3 responses

Mark Cuban Found Not Guilty in Insider Trading Case


After years of battling allegations of insider trading when he sold his stake in an internet company back in 2004, Dallas Mavericks owner was found not guilty by a jury. Per the AP: “The jury in federal district court in Dallas said that the Securities and Exchange Commission failed to prove the key elements of its case, including the claim that Cuban agreed to keep certain information confidential and not trade on it. The nine-member jury deliberated only a few hours before reaching the verdict that ended a three-week trial and an SEC lawsuit filed in 2008. Cuban, 55, hugged his lawyers after the verdict, then called family members. During an impromptu news conference outside the courthouse, he angrily denounced the SEC and its lead trial attorney, Jan Folena, saying that they lied about the evidence and targeted him because of his fame. He said that defendants of lesser wealth could have been bullied. ‘Hopefully people will start paying attention to how the SEC does business,’ Cuban said. ‘I’m the luckiest guy in the world. I’m glad this happened to me. I’m glad I’m able to be the person who can afford to stand up to them.’ Folena, who left the courthouse just minutes before Cuban, said, ‘We believe we did the best we could in this case, and things turn out the way they turn out.’ The SEC accused Cuban of using inside information to sell $7.9 million of stock in Mamma.com Inc. after he learned of a stock offering that would depress the price of shares in the search engine company. The agency wanted Cuban to repay $750,000 in losses that he avoided, plus pay a penalty. It was a civil lawsuit, so the Dallas Mavericks owner and regular on the ABC reality show ‘Shark Tank’ didn’t face criminal charges.”

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