markcuban-trial

 

Earlier in October, we informed you of an ongoing investigation and lawsuit against billionaire Mark Cuban. [READ: Billionaire Mark Cuban’s In Hot Water; May Face Fines Up to $3Million for Insider-Trading Violation]

 

Well, the case is finally over and Cuban can now go home with one less thing to worry about. Cuban was found not guilty of insider trading by a Texas jury in mid-October.

 

Cuban has always stated that he was innocent. The only reason he said he sold his shares of Mamma.com was because of a shady stock broker and word that the company was going private. The SEC wasn’t quite sold on Cuban’s reasoning.  Thus, the SEC filed a lawsuit against him in 2004 and then again in 2010 after the original verdict was overturned. Cuban says although the news of Mamma going private did prompt him to sell his shares. But, he insisted that the word didn’t come from Faure, but from potential investors.

 

Once the not guilty verdict was announced, Cuban took the time to blast  Jane Folena, prosecutor for the SEC.

 

“Jan Folena, who represents the United States of America, stood up there and lied,” Cuban told reporters outside the court. He continued, “I’m the luckiest guy in the world and I’m glad I could stand up to them.”

 

 

Alrighty then Cuban! Say it with your chest! *in Kevin Hart’s voice*

One Response