Mark Cuban Innocent In Insider Trading Case, Jury Finds
A federal jury has reportedly found billionaire Mark Cuban not guilty of insider trading.
The trial began last month, stemming from accusations that he engaged in insider trading when selling shares of Mamma.com back in 2004. The SEC had filed a complaint alleging that he had been acting on confidential info from then CEO Guy Faure.
The case initially went to U.S. District Judge Sidney Fitzwater in 2009, but he dismissed it, not finding that any insider trading laws had been broken. An appeals court overturned the ruling, however, and Cuban would ultimately find himself in a trial by jury.
More on the background here.
The jury in a Texas federal court has found him not guilty. According to Reuters, it deliberated for four hours before reaching its verdict.
The guy did write the book on how to win.