It’s Mark Cuban’s turn to play defense in the insider trading case against him. Attorneys for the Dallas Mavericks Owner get their chance Wednesday to fight the federal lawsuit against Cuban.
The defense team has called about a half dozen witnesses and plans to put the final expert on the stand Wednesday.
On his way inside of the Earle Cabell Federal Building Wednesday morning, the owner of the Dallas Mavericks didn't want to talk about the action in the courtroom, but on the basketball court. When asked how Cuban felt about his testimony he replied, “I’m excited about the Mavs. They’re going to have a good season.
But will Cuban have a win in the insider trading trial against him? That's expected to be up to a 10-person jury next week.
Cuban has spent two days on the stand and insists he did nothing wrong.
Wednesday, the jury heard a legal advisor to the Securities and Exchange Commission testify that he couldn't find any sort stock market manipulation after interviewing Cuban.
The SEC alleges that Cuban broke a confidentiality agreement in 2004. The lawsuit claims, as the largest share-holder in Canadian search engine mama.com, Cuban dumped his shares of stock after learning about company plans that would reduce the value of his $7.5m investment. By selling early, it saved Cuban from a $750,000 loss.
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Cuban testified that he never agreed to keep that information from the CEO confidential.
In court Wednesday, the SEC advisor also confirmed Cuban's concerns over the company's connection to a convicted stock swindler. Cuban insists that's what prompted him to unload his 600,000 shares.
Cuban's defense team is preparing for closing arguments Tuesday. The jury will decide if the billionaire businessman will have to pay between $2 million and $3 million in fines.
