October 16, 2013 / 7:41 PM / 4 years ago

Texas jury finds billionaire Mark Cuban not guilty of insider trading

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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