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Mavs Owner Mark Cuban Expected To Testify In Federal Trial

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DALLAS, TX - SEPTEMBER 30:  Mark Cuban (left center) holds a coffee cup as he approached by a member of the media (left) while preparing to enter the Earle Cabell Federal Building and Courthouse in downtown Dallas with his attorney Stephen A. Best (right center) and a member of Cuban's defense team on Monday morning, September 30, 2013.  Cuban was expected to testify in the government's insider-trading case against him. (Photo by Stewart F. House/Getty Images)

DALLAS, TX – SEPTEMBER 30: Mark Cuban (left center) holds a coffee cup as he approached by a member of the media (left) while preparing to enter the Earle Cabell Federal Building and Courthouse in downtown Dallas with his attorney Stephen A. Best (right center) and a member of Cuban’s defense team on Monday morning, September 30, 2013. Cuban was expected to testify in the government’s insider-trading case against him. (Photo by Stewart F. House/Getty Images)

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 This material may not be published, broadcast, rewritten, or redistributed.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.)

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