FILE – In this March 28, 2013, file photo, Dallas Mavericks owner Mark Cuban smiles during an NBA game in Dallas. After six days of testimony, closing arguments in the government’s insider-trading case against Cuban are expected Tuesday afternoon, Oct. 15, 2013, in federal court in Dallas. (AP Photo/Mike Fuentes, File)
DALLAS (AP) — The government’s insider-trading case against billionaire and Dallas Mavericks owner Mark Cuban is heading toward the final buzzer.
After six days of testimony, closing arguments are expected Tuesday afternoon in federal court in Dallas.
The Securities and Exchange Commission sued Cuban, claiming that he avoided $750,000 in losses by selling his 6 percent stake in a Canadian search engine company called Mamma.com Inc. after the CEO told him about a planned stock offering. The sale would have cut the value of his shares. The CEO, Guy Faure, said that Cuban agreed to confidentiality on a phone call in 2004, then, when told of the stock deal, angrily said, “Now I’m screwed. I can’t sell.” Cuban Login to read more