The Mark Cuban trial is almost over, with the jury now deliberating the charges.
As previously reported by The Inquisitr, the Mark Cuban trial is about alleged insider trading.
The Mark Cuban trial is not based a criminal indictment. The billionaire will not face any prison time and the case is considered a civil lawsuit.
The Securities and Exchange Commission (SEC) accuses billionaire Dallas Mavericks owner Mark Cuban of selling $7.9 million in stock after he learned confidential news that would bring the stock price of Mamma.com down in 2004. A pending stock deal would have devalued the shares and Mark Cuban owned six percent, more than anyone else at the time. Mamma.com CEO, Guy Faure, claims Mark Cuban knew the details were confidential and complained, “Now I’m screwed. Now I can’t sell.”
In the closing arguments, SEC lawyer Jan Folena told jurors Mark Cuban’s insider trading gave him an edge:
“The ordinary investor didn’t have any of that information. Mr. Cuban could… it took him one minute to sell everything he owned…. Cuban didn’t play by the rules, he wasn’t fair, his trade was downright illegal.”
But defense lawyers in the Mark Cuban trial point to a video where the Mamma.com CEO couldn’t recall if Mark Cuban had agreed to any confidentiality agreement:
“You’re going to base a finding for the government on that testimony, from that witness, who won’t even show up?”
The SEC is demanding Mark Cuban pay $750,000 in losses he avoided through insider trading and also pay a penalty fine.
What do you think about the Mark Cuban trial?