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DALLAS (AP) – A financial expert is telling jurors in Mark Cuban’s insider-trading trial that he talked to the billionaire about a transaction that would lower the value of one of his stock holdings.
Arnold Owen testified Wednesday that he didn’t think Cuban was barred from selling his shares in Momma.com or required to keep their 2004 phone call confidential.
Owen was working for an investment bank hired by the search-engine company to find investors for a stock offering. The offering lowered the value of the company’s previous shares, including 600,000 that Cuban owned.
The Securities and Exchange Commission says Cuban avoided $750,000 in losses by using inside information to sell his shares. Cuban, who owns Dallas Mavericks, says he never promised not to trade on information he learned while Momma.com’s biggest shareholder.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
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