You will be redirected back to your article in seconds

Mark Cuban Found Not Guilty of Insider Trading

SEC had sued billionaire over 2004 sale of stock in Internet company Mamma.com

A federal jury in Texas found Mark Cuban, the billionaire owner of the Dallas Mavericks, not guilty of insider trading in a case brought by the SEC related to Cuban’s 2004 sale of stock in an Internet company.

The U.S. Securities and Exchange Commission sued Cuban in 2008, alleging that he sold $7.9 million worth of shares in search engine Mamma.com based on nonpublic information to avoid $750,000 in losses. Cuban disputed the SEC’s charge and said that other investors knew about a private stock offering that would dilute the value of the company’s shares.

Cuban, in addition to owning the Mavericks basketball team, runs cable channel AXS TV (previously called HDNet). He also co-owns the Landmark Theater chain, Magnolia Pictures and Magnolia Home Video along with partner Todd Wagner, and appears on ABC reality series “Shark Tank.”

The jury’s verdict in the case Wednesday followed a three-week trial in the U.S. District Court for the Northern District of Texas in Dallas. If convicted, Cuban would have faced up to $3 million in fines and penalties but no jail time. Cuban, 55, has an estimated net worth of around $2.5 billion, according to Forbes magazine.

Cuban, in remarks to reporters outside the courthouse Wednesday, criticized the SEC’s insider trading policies as vague and said he felt personally attacked by the agency.

“When you take all these years of my life and try to prove a point, it’s personal,” he said. “Obviously I wanted to win, but at the same time like I said, I didn’t win anything… There was no point in time when I sat there and listened to it and thought, ‘You know what, winning would feel good.'”

Watch Cuban’s press conference after the jury decision:

More Digital

  • Tencent Music presentation at Shanghai

    Shanghai: Tencent Proposes Alliance of Music and Film

    All tech companies strive to be ubiquitous. Within China, behemoth Tencent is a clear leader of the pack. From the company’s “pan entertainment strategy” in 2012 to its 2018 equivalent “neo-creativity strategy,” Tencent keeps unveiling new master plans, each time with more in-house platforms and business approaches involved. On the margins of the Shanghai International [...]

  • Genius Spars With Google Over Lyric

    Genius Accuses Google of Scraping Song Lyrics, Music Data Company Hits Back

    Lyrics annotation service Genius.com has accused Google of scraping its site and stealing its content, the Wall Street Journal reported this weekend. However, a lyrics data provider at the center of the controversy claimed on Monday that those allegations were without merit. The Journal reported that Genius had been complaining to Google about the alleged [...]

  • littlstar ps4 app

    Littlstar Expands Beyond VR With New PS4 App, Signs Up 30,000 Paying Subscribers (EXCLUSIVE)

    A&E-backed immersive content aggregator Littlstar is expanding beyond virtual reality (VR): The New York-based startup launched a dedicated PlayStation4 app this week, giving users of Sony’s game console access to their personal media libraries, as well as both traditional and 360-degree video content from a variety of publishers. Littlstar also announced that it signed up [...]

  • Game of Thrones Season 8 Production

    'Game of Thrones,' Netflix VFX Among Those to Be Featured in SIGGRAPH Production Talks

    VFX pros behind the final season of “Game of Thrones,” the blockbuster film “Avengers: Endgame,” Pixar’s upcoming “Toy Story 4,” last year’s Oscar-winning “Spider-Man: Into the Spider-Verse,” Netflix series, including “Stranger Things,” and more will give SIGGRAPH 2019 attendees a behind-the-scenes look at their work during the conference’s Production Sessions. There will even be a [...]

  • Patrick Drahi

    Altice's Patrick Drahi to Acquire Sotheby's Auction House for $3.7 Billion

    Patrick Drahi, the owner of the telecom group Altice, is on track to purchase Sotheby’s, the high-profile auction house, for $3.7 billion. The acquisition would turn Sotheby’s into a privately owned concern after 31 years as a publicly listed company on the New York Stock Exchange. Drahi said the acquisition had “no capital link with Altice [...]

  • Soundgarden’s Immersive 'Artists Den' Experience Premieres

    Soundgarden’s Immersive 'Artists Den' Experience Premieres This Week (Exclusive Preview)

    There’s no question that the posthumous release is the most difficult to get right: Human beings are unpredictable, and trying to guess what a person’s intentions might have been is an uphill (if not a losing) battle. Yet posthumous releases ranging from Michael Jackson’s “This Is It” to recent Prince and Jimi Hendrix collections prove [...]

More From Our Brands

Access exclusive content