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Mark CubanJudgement

Not guilty of insider trading

26 May, 2014

A Texas jury takes less than four hours to decide Cuban did not engage in insider trading when selling his stock in an Internet company in 2004. The jury found that the SEC failed to prove several key elements of its case, including that Cuban traded on non-public information. Cuban nodded and smiled when the verdict was read. Later, outside the courthouse he criticized  SEC lawyer Jan Folena:

I’m the luckiest guy in the world and I’m glad I could stand up to them.

An SEC spokesman later issued a statement saying regulators would not let this deter them from taking people to trial.

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