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DALLAS (CBSDFW.COM/AP) - A government lawyer said that the drive to win that helps Mark Cuban succeed in business led the billionaire Dallas Mavericks owner to cheat by using insider information to sell stock in an internet company.
“Mark Cuban violated the law, and he knew better,” Securities and Exchange Commission lawyer Jan Folena said Tuesday during opening statements to jurors at Cuban’s insider-trading trial.
Cuban’s lawyers are expected to give his side of the case later in the day.
It’s a civil lawsuit; Cuban is not charged with a crime. The SEC wants Cuban to give up $750,000 that he saved from selling his shares, plus pay a penalty that could be two or three times that amount.
(©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 This material may not be published, broadcast, rewritten, or redistributed.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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