Mark Cuban, the flamboyant billionaire owner of the Dallas Mavericks basketball team, did not engage in insider trading when he sold his stock in an Internet company in 2004, a Texas jury decided on Wednesday.
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.
Cuban nodded and smiled, and he blasted SEC lawyer Jan Folena in remarks after the verdict, saying she had tried to bully him and “lied” to the court.
— Reported by Reuters
