10/15/2013 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
Dallas – A jury found Dallas Mavericks owner Mark Cuban not guilty of insider trading. As reported by the Associated Press (AP), the jury in federal district court in Dallas determined the case brought against the billionaire businessman by the Securities and Exchange Commission had not been proven.
Cuban was accused of insider trading in 2004 when he sold his stake in an Internet company. The SEC accused him of selling $7.9 million of Momma.com Inc. stock using inside information. In the civil suit, the SEC was seeking to force Cuban to pay a penalty plus $750,000 in losses.
Cuban was not facing criminal charges in the case.
As noted by the AP, Cuban was listed by Sports Illustrated as one of the 50 most powerful people in sports.
This report is provided by Justice News Flash – Dallas Business Law News
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