Mark Cuban dunks on SEC, wins casePosted by Inside Hoops
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