Billionaire Mark Cuban cleared of insider trading; BLASTS U.S. governmentSubmitted by barracuda_trader on Wed, 10/16/2013 - 19:09
Mark Cuban, owner of the N.B.A.’s Dallas Mavericks.
(Reuters) - Flamboyant billionaire Mark Cuban on Wednesday was cleared by a Texas jury of using a private tip to avoid a big loss on his 2004 sale of Internet company shares, in a stinging rebuke for the U.S. government which had accused him of insider trading.
Cuban, 55, the owner of the Dallas Mavericks basketball team, lashed out at the U.S. government and lead prosecutor Jan Folena after the verdict, saying the government had tried to bully him.
"Jan Folena, who represents the United States of America, stood up there and lied," an angry Cuban told reporters after the nine-member jury read its decision.
"It's personal. You take all these years of my life, it's personal," Cuban said.
Jury Rules for Mark Cuban in Setback for S.E.C.
The government mocked Mark Cuban as a winner in “his mind,” claiming that the billionaire owner of the Dallas Mavericks basketball team possessed a “competitive edge” that drove him to insider trading.
But a jury cleared him of wrongdoing on Wednesday, making Mr. Cuban a winner in the civil case and delivering a blow to the federal agency that he battled tooth and nail for five years.