Mark Cuban, the businessman and owner of the Dallas Mavericks, has been facing charges of insider-trading. He has been in a battle with the federal government for years now, and with it finally over, he can rejoice, especially after the verdict that was reached. He was being charged with the crime, as it pertained to the selling of his shares in an internet company in 2004.
The jury deliberated for only about four hours before reaching a unanimous verdict, that ends a three-week long trial. In the federal district court of Dallas, he was found not guilty, due to the fact that the Securities and Exchange Commission failed to prove the key elements of its case. This included the claim that Cuban agreed to keep certain information confidential and not trade on it.
— Don Willett (@JusticeWillett) October 16, 2013
Cuban has always been an important leader in the world of business, and is one of the most successful owners in sports as well. Forbes Magazine estimates his worth at $2.5 billion. If the jury had ruled in favor of the SEC in the case, he would have had to pay more than $2 million or $3 million dollars in fines and penalties. However, he admitted to having to pay more than that for the lawyers who led him to a victory in the court room.
In addition to his business ventures and being the owner of the Mavericks, he is also one of the stars on the reality television show Shark Tank. The show features Cuban and other financiers, who analyze and decide whether to invest in business ventures that are presented to them by aspiring entrepreneurs.
I see Mark Cuban is on trial. I know nothing of the case, but he's already guilty of being Mark Cuban.
— Alan Cornett (@alancornett) October 16, 2013
The civil lawsuit was brought against Cuban in 2008 by the SEC, but was dismissed by the judge in 2009, an appeals court revived the case the following year. An early indication that the trial might not pan out in favor of the SEC this time around came when Judge Sidney Fitzwater, who dismissed the case previously, was assigned the case.
Mark Cuban rips SEC prosecutors for lying, after winning his insider trading trial.
— David Schechter (@DavidSchechter) October 16, 2013
With the jury ruling in favor of Mark Cuban, this could reignite concerns about the agency’s struggles in the courtroom, where important cases involving the financial crisis fell apart, according to the Los Angeles Times. Cuban’s career in business has been controversial to say the least, but the ruling in his favor should help things. He is also the owner of Magnolia Pictures and Landmark Theaters.
Image via Youtube