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Cuban, gov’t lawyer spar at insider-trading trial

October 3, 2013 • Business


Dallas Mavericks NBA basketball team owner and business man Mark Cuban stops to chat as he walks out of the federal courthouse during a break in testimony during his insider trading trial, Wednesday, Oct. 2, 2013, in Dallas. Jurors heard a second day of testimony as they wait for Cuban to take the stand. (AP Photo/LM Otero)

DALLAS (AP) — Mark Cuban says he’s a follow-the-rules investor who checked with his broker to make sure that his 2004 sale of stock in an Internet company was legal.

Cuban testified Thursday that he was upset when the company’s CEO told him news that would reduce the value of his shares, for which he’d paid $7.5 million. But he said he did nothing improper when he sold those shares over the next two days.

The Securities and Exchange Commission is suing the owner of the Dallas Mavericks for insider trading, claiming that he broke a promise of confidentiality and traded on private information that gave him an advantage over other investors.

A jury in federal district court is hearing the Login to read more

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