{"id":1336,"date":"2013-10-31T20:08:23","date_gmt":"2013-10-31T20:08:23","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/10\/texas_jury_clears_billionaire"},"modified":"2022-03-10T16:39:01","modified_gmt":"2022-03-10T22:39:01","slug":"texas-jury-clears-billionaire","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/texas-jury-clears-billionaire\/","title":{"rendered":"Texas Jury Clears Billionaire Mark Cuban of Insider Trading Charges"},"content":{"rendered":"

\t\t\t\tA jury in Texas cleared Mark Cuban of insider trading <\/a>charges. The Securities and Exchange Commission accused him of using a private tip to avoid losing money when selling his shares of Internet company Mamma.com. Following the court victory, the owner of the Dallas Mavericks, an NBA basketball team, spoke out against US government over the case.<\/p>\n

The U.S. Securities and Exchange Commission said Cuba traded on non-public information when selling 600,000 shares-a $7.9 million value-so he wouldn’t lose $750,000. A judge dismissed the insider trading case in 2009 but the Texas securities lawsuit <\/a>was revived by an appeals court in 2012. The billionaire chose not to settle and the case went to trial. <\/p>\n

Prosecutors claimed that Cuban sold his stake after discovering that Guy Faure, the head of Mamma.com, intended for a private placement that would dilute his company holdings. When Mama.com’s shares fell 9.3% the morning after the announcement of the offering, Cuban’s shares were already sold. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A jury in Texas cleared Mark Cuban of insider trading charges. The Securities and Exchange Commission accused him of using a private tip to avoid losing money when selling his shares of Internet company Mamma.com. Following the court victory, the owner of the Dallas Mavericks, an NBA basketball team, spoke out against US government over […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3750],"tags":[],"class_list":["post-1336","post","type-post","status-publish","format-standard","hentry","category-texas-securities-fraud"],"yoast_head":"\nTexas Jury Clears Billionaire Mark Cuban of Insider Trading Charges — Investor Lawyers Blog — October 31, 2013<\/title>\n<meta name=\"description\" content=\"A jury in Texas cleared Mark Cuban of insider trading charges. 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