DALLAS (CBSDFW.COM/AP) — The government’s insider-trading case against billionaire and Dallas Mavericks owner Mark Cuban is heading toward the final buzzer.
After six days of testimony, closing arguments are expected Tuesday afternoon in federal court in Dallas.
The Securities and Exchange Commission accuses Cuban of avoiding $750,000 in losses by selling his shares in the Internet search engine company Mamma.com after the CEO told him privately about a planned stock offering that would cut the value of Cuban’s shares. The complaint also says Cuban, when agreeing to keep the information confidential, admitted that he could not sell his shares. Cuban says there never was a confidentiality agreement, and he denies any wrongdoing.
The verdict could come down to whether jurors believe Cuban or the company’s CEO, who declined to come to Dallas and whose testimony was recorded on video and shown to the jury.
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