DALLAS (CBSDFW.COM/AP) — Dallas Mavericks owner Mark Cuban is expected to testify in his federal trial which began today on charges that he benefited from insider trading.
The billionaire is accused of using insider information to dump his stock in a small Internet-search company in 2004 just before the shares fell in value. He avoided $750,000 in losses. The Securities and Exchange Commission wants Cuban to give up the money and pay a civil penalty.
The SEC’s key evidence is a phone call between Cuban and the CEO of Mamma.com. According to the SEC, the CEO told Cuban he had confidential information to share and Cuban agreed to keep it to himself.
Cuban disputes the SEC’s claims, and his lawyers argue that insider-trading laws didn’t prohibit him from selling his shares.
(©2013 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
- 6.1 Magnitiude Earthquake Reported In Rome
- Confusion As To Whether Trump Could Favor ‘Softening’ Immigration Stance
- Richardson Couple: Someone Killed Our Dog Over Clinton Sign
- Frisco Planning & Zoning Commission Denies Prop To Build Oncor Substation
- Top 5 School Lunch Tips
- Climber Falls To Her Death In Grapevine
- Tricks To Using The New iPhone Software
- Enter The “Show Your Spirit’ Sweepstakes
- Ben & Skin Parody: Rangers Won’t Die
- Johnny Manziel’s Popularity Plummets
- PHOTOS: Your Pet Pictures