Mark Cuban, the billionaire owner of Dallas Mavericks basketball team testified at his insider trading trial last Monday. Cuban said that the insider trading was long planned after he intended to sell his stake in an Internet search firm. Cuban had intended to sell the stake after learning that it was about to lose its value, said a Reuters report.
The 55 year old billionaire was accused by the US Securities and Exchange Commission of trading on non-public information after he sold his 600,000 shares valued USD7.9 million. Cuban avoided USD750000 loss in Internet search company Mamma.com Inc last June 2004.Cuban said he did nothing wrong after he sold his 6.3% stake in Mamma.com.
The billionaire rose to prominence after he sold his company Broadcast.com in 1999 to Yahoo Inc for USD5.7 billion.
The SEC accused Cuban of the selling the shares soon after he learned that a private placement for Mamma.com was planned for the company's Chief Executive. Cuban told jurors last Monday that he had heard in April 2004 of a possible connection between stock swindler, the late Irving Kott and Mamma.com, according to a Reuters report.
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