Cuban, lawyer spar at insider-trading trial

Mark Cuban

Mark Cuban

DALLAS — Mark Cuban sparred with a government lawyer Thursday over why the billionaire Dallas Mavericks owner dumped his shares in a Canadian search-engine company in 2004. Cuban said he had several reasons, including learning about ties between the company and a convicted stock swindler.

The Securities and Exchange Commission says Cuban sold only after the chief exeutive of Inc. told him confidentially of a pending stock offering that would lower the value of his shares.


In federal court, an SEC lawyer used Cuban’s own words to undermine his defense. In several e-mails and blogs from 2004, Cuban said he sold his shares in because he didn’t like the private stock offering the company was planning. The CEO, Guy Faure, testified Cuban agreed to keep a phone call confidential, and that’s when he told Cuban about the stock offering. Faure said Cuban was angry; he was prohibited from selling his shares until the offering was public. But Cuban sold anyway. The SEC wants Cuban to pay a fine, plus the $750,000 in losses he avoided.

Associated Press

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of