Texas Jury Finds Billionaire Mark Cuban Not Guilty of Insider Trading
A Texas jury found Mark Cuban, the billionaire owner of the NBA’s Dallas Mavericks, 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 Canadian Internet search company Mamma.com – worth $7.9 million – and avoided a $750,000 loss.
The jury, in federal court in Dallas, deliberated for less than four hours before finding Cuban innocent of the charge. It found that the SEC failed to prove several key elements of its case, including that Cuban traded on non-public information.