Shark Tank Star Found NOT GUILTY


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 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 Chief Executive Guy Faure that the company was planning a private placement that would dilute his holdings. 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.

TV and Movie Reviews, Fashion, Celebrity and other news I find interesting!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: