Mark Cuban Faces Insider Trading Trial
In connection with sale of stake in Internet search company
Mark Cuban, billionaire owner of the Dallas Mavericks basketball team, goes to trial over regulators' claims he engaged in insider trading when he sold his stake in a Canadian Internet search company nine years ago.
The U.S. Securities and Exchange Commission in 2008 accused Cuban of acting on confidential information when he unloaded his 600,000 shares of Mamma.com four years earlier, just before it announced a private placement of shares.
The case was revived in 2010 after U.S. District Judge Sidney A. Fitzwater in Dallas dismissed it. Fitzwater came close to throwing it out again in March. Jury selection started today with a pool of 64 prospective jurors. The trial will probably last eight to 10 days, the parties have told the judge.
Hide Comments (0)
Editor's Note: As of February 29, 2024, commenting privileges on reason.com posts are limited to Reason Plus subscribers. Past commenters are grandfathered in for a temporary period. Subscribe here to preserve your ability to comment. Your Reason Plus subscription also gives you an ad-free version of reason.com, along with full access to the digital edition and archives of Reason magazine. We request that comments be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of reason.com or Reason Foundation. We reserve the right to delete any comment and ban commenters for any reason at any time. Comments may only be edited within 5 minutes of posting. Report abuses.
Please
to post commentsMute this user?
Ban this user?
Un-ban this user?
Nuke this user?
Un-nuke this user?
Flag this comment?
Un-flag this comment?