Joined Nov 11, 2007
31,929 Blog Posts

Mark Cuban Called Into Deposition for the Ongoing SEC Insider Trading Investigation

Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team, appeared at the U.S. Securities and Exchange Commission today to face questions related to the agency’s insider-trading lawsuit against him.

Cuban, 53, has been fighting for more than three years against SEC claims that he traded on confidential information when he sold his stake in Mamma.com, a Canadian Internet search company now known as Copernic Inc., just before it announced a private placement of shares. He arrived at the SEC’s offices in Fort Worth, Texas, at 8:45 a.m. with his attorney Stephen Best following a Jan. 13 court order to appear for the deposition.

In a 2008 lawsuit, the SEC claimed Guy Faure, then chief executive officer of Mamma.com, told Cuban in a 2004 phone call about plans for a private share offering. Cuban sold shares ahead of the deal, avoiding $750,000 in losses after the offering diluted his holdings, the SEC said…”

Full article

If you enjoy the content at iBankCoin, please follow us on Twitter