Shark Tank Star Found NOT GUILTY
October 16, 2013 Leave a comment
Mark Cuban, billionaire owner of the Dallas Mavericks basketball team and star of ABC’s Shark Tank, was found NOT GUILTY of insider trading when he sold his stock in an Internet company in 2004, a Texas jury ruled on Wednesday.
Cuban, 55, estimated by Forbes magazine to have a net worth of $2.5 billion, was accused by the U.S. Securities and Exchange Commission of trading based on non-public information when he sold 600,000 shares in Internet search company Mamma.com for worth $7.9 million thus avoiding a $750,000 loss.
Prosecutors argued during a two-week trial that Cuban sold his stake after learning from Mamma.com Chief Executive Guy Faure that the company was planning a private placement that would dilute his holdings.
Mamma.com shares dropped 9.3 percent on the morning after the offering was announced. By that time, Cuban had already sold his shares. The nine-member jury issued the verdict after deliberating 3 hours and 35 minutes. Cuban simply nodded and smiled as the verdict was read.