Texas jury finds billionaire Mark Cuban not guilty of insider trading

DALLAS Wed Oct 16, 2013 3:40pm EDT

DALLAS Oct 16 (Reuters) - A Texas jury found Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team, not guilty on Wednesday of insider trading for the sale of his stock in an Internet company in 2004.

Cuban, 55, estimated by Forbes magazine to have a net worth of $2.5 billion, was accused by the U.S. Securities and Exchange Commission of trading on non-public information when he sold his 600,000 shares in Internet search company Mamma.com - worth $7.9 million - and avoided a $750,000 loss.

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Comments (1)
Thunderstrom wrote:
If they had a case, they would have filed criminal charges. Since they didn’t, they did what they could – they filed civil charges. In SEC circles, this is known as a face-saving punt, with the SEC hoping the innocent investor will pay a nominal fine to make it go away. Mr. Cuban has not been charged with any crime, and chose to fight this civil action on principle.

Oct 16, 2013 3:49pm EDT  --  Report as abuse
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