Mark Cuban SEC civil lawsuit to underway
POSTED: Monday, September 30, 2013 - 9:15pm
UPDATED: Monday, September 30, 2013 - 9:24pm
The Securities and Exchange Commission's civil suit against Dallas Mavericks owner Mark Cuban started on Monday in Texas.
It comes nearly five years after the agency first brought charges against Cuban for insider trading. He's accused of dumping his whole stake in the company mamma.com, before details of a pending stock offering were announced.
He avoided a $750,000 loss on his holding in the search software company. Cuban argued in court that while he was barred from revealing his plans for a stock sale by the company, he was not prohibited from trading his shares on that information.
Cuban is facing a civil case not a criminal one, and he could be forced to pay a fine.