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View Full Version : Mark Cuban federal trial begins today



spreadeagle
09-30-2013, 07:00 PM
DALLAS (AP) With the Dallas Mavericks' season-opening game still a month away, the basketball team's outspoken owner, Mark Cuban, will be seeing a different kind of court this week.

The government's insider-trading case against Cuban, 55, goes to trial Monday in federal court in Dallas. Cuban is expected to testify, and experts say the verdict could come down to whether jurors find the billionaire and regular on the ABC reality show "Shark Tank" to be likable or smug.

Cuban is accused of using insider information to dump his stock in a small Internet-search company in 2004 just before the shares fell in value. He avoided $750,000 in losses. The Securities and Exchange Commission wants Cuban to give up the money and pay a civil penalty.

The SEC's key piece of evidence is a phone call between Cuban and the CEO of Mamma.com. According to the SEC, the CEO told Cuban he had confidential information to share and Cuban agreed to keep it to himself.

When the CEO said the company planned an offering of new stock, the SEC alleges, Cuban became angry because the offering would reduce the value of his 600,000 shares and there was nothing he could do about it.

"Well now I'm screwed. I can't sell," Cuban said, according to the SEC.

But over the following two days, that's exactly what Cuban did, unloading his shares before the company publicly announced the stock offering.
http://www.usatoday.com/story/money/business/2013/09/29/sec-lawsuit-against-mark-cuban-heads-to-trial/2891639/

5ass
09-30-2013, 07:42 PM
I think hes innocent. Otherwise why not just pay the fine when ur a billionaire?

tredigs
09-30-2013, 08:54 PM
If they actually have him on record in that conversation saying, "well now I'm screwed, I can't sell" after receiving the info from their CEO, then proceeded to sell over the next 2 days... and it's admissible evidence (how? I'm not sure. Did they have a legal wiretap??), then I don't see how he gets away with it. First I've heard of this case though, I don't know any details.

On a side note, I love how playing poker is illegal in most of America, but gambling on stocks that are RIPE with cases upon cases of corruption (and millions more that go undocumented) is A-OK.

jstone0716
10-01-2013, 12:40 AM
Cuban > Everything

Minimal
10-01-2013, 01:34 AM
Wow Cuban is 55? He looks so young

gatkins11
10-01-2013, 02:04 AM
Wow Cuban is 55? He looks so young

That's what having money will do to you. Lol.

Lincecum55
10-01-2013, 02:22 AM
Wow Cuban is 55? He looks so young

I was thinking the same thing lol.

Would have guessed he was closer to 45 than 55

JNA17
10-01-2013, 07:54 AM
Guess Cuban is really in the Shark Tank now.

Big Zo
10-01-2013, 02:47 PM
Wow Cuban is 55? He looks so young

I remember when he was going bald, and then he got plugs.

kobe4thewinbang
10-02-2013, 11:34 PM
He ain't got nothing else to do after shooting in the dark a billion times and, you guessed it, missing every free agent available.

Jesse2272
10-03-2013, 10:59 AM
he can probably find 750k scrounging around his sofa cushions

tredigs
10-16-2013, 07:03 PM
Cuban'd: Mark wins.

http://www.youtube.com/watch?v=F82EHPP3bkM&feature=youtu.be

ManRam
10-16-2013, 08:42 PM
and experts say the verdict could come down to whether jurors find the billionaire and regular on the ABC reality show "Shark Tank" to be likable or smug.

That's dumb.


I got nothing else to say...but $750K and whatever the penalty is isn't gonna put a dent into him. I don't see how this really will end up impacting anything...especially basketball-related matters.

bleedprple&gold
10-16-2013, 10:06 PM
Looks like he was acquitted. http://www.prosportsdaily.com/Headlines/ExternalArticle?articleId=270910

Don't know how when they have a recording of him getting insider information. Can't get better evidence than that. Plus we all know he's probably shady as ****. I wouldn't trust a single thing that guy says or does.

tredigs
10-16-2013, 10:28 PM
Looks like he was acquitted. http://www.prosportsdaily.com/Headlines/ExternalArticle?articleId=270910

Don't know how when they have a recording of him getting insider information. Can't get better evidence than that. Plus we all know he's probably shady as ****. I wouldn't trust a single thing that guy says or does.

Do "we"? From reading his blog and editorials over the years, he's always come off pretty damn genuine to me.

jgthegame1982
10-16-2013, 10:39 PM
I love the show shark tank!