Advertisement

 
Jurors said the government failed to prove five key elements of its insider-trading lawsuit against billionaire Mark Cuban. They agreed with the government only on two minor, technical points.
The verdict Wednesday in U.S. district court in Dallas marked an overwhelming defeat for the Securities and Exchange Commission, which sued Cuban in 2008. The SEC said Cuban avoided $750,000 in losses by selling his stock in a search engine company called Mamma.com based on confidential information about a stock deal that had not been publicly announced. The deal lowered the value of outstanding shares, including Cuban's.
The jury was asked to decide whether the SEC proved its case on seven points. A no-proof finding on any of them meant defeat for the SEC. The claims:
- That Cuban got confidential information about the stock deal. Jury: NO PROOF.
- Cuban agreed to keep the information confidential and not trade on it. Jury: NO PROOF.
- Cuban traded on the information when he sold his Mamma.com shares. Jury: NO PROOF.
- Cuban failed to tell the company that he planned to trade on nonpublic information. Jury: NO PROOF.
- Cuban acted knowingly or recklessly. Jury: NO PROOF.
- Cuban's conduct was in connection with a sale of securities. Jury: PROVEN.
- Cuban used a tool of interstate commerce to sell securities. Jury: PROVEN.
Advertisement
Advertisement

Top NBA Public Bets

NBA Top Stories

Thumbnail NBA Rookie of the Year Pick An intriguing NBA rookie class features one deemed “superstar” in Ben Simmons. Will he be the runaway winner of the Rookie of the Yearin the 2016-17 NBA Season?
Thumbnail Durant has theraputic Olympics The biggest free agent of the 2016 offseason is ready to join his new team as Kevin Duranthad a successful experience at the 2016 Rio...
Thumbnail GS favored as schedule released The NBA released the 2016-17 schedule earlier this week. Here is a look at the latest odds to win the NBA Finals.
Thumbnail Dallas brings in ex-Warrior to join icon When Mavericks legend Dirk Nowitzki opted out of his contract on June 21, it felt like a slight roadblock to an inevitable reunion between both sides. Little...
Thumbnail Tim Duncan retires The San Antonio Spurs lost their franchise player on Monday, as Tim Duncan elected to retire after an amazing 19-year...
More inNBA Articles  

NBA Team Pages