You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Mark Cuban says he won’t be bullied by SEC

Mark Cuban says he refuses “to be bullied.”

Mark Cuban says he refuses “to be bullied.”

DALLAS — Mark Cuban says he learned he was being sued for insider trading when he turned on CNBC one day ‘‘and I was the headline.’’

The billionaire and Dallas Mavericks owner told jurors in federal court Monday that he could have settled the case — he’s not likely to face more than $2 million to $3 million in fines and penalties if he loses — but he hired lawyers and fought back because ‘‘I did nothing wrong and I refuse to be bullied.’’

Continue reading below

Monday marked Cuban’s second day on the witness stand. The Securities and Exchange Commission is suing Cuban, claiming that he broke a confidentiality agreement when he unloaded his shares in a Canadian Internet company in 2004. The government says he avoided $750,000 in losses by selling his shares on insider information about a pending stock offering before it was announced publicly.

Cuban was called as a witness by the SEC. When he finished testifying late Monday, his lawyers asked US District Judge Sidney Fitzwater to throw out the case, saying the SEC had failed to prove insider trading. The judge, who had dismissed the case in 2009 only to be overturned by an Appeals Court, denied Cuban’s motion.

Cuban detailed his concern over connections between Mamma.com Inc. and a convicted stock swindler, Irving Kott. Cuban’s lawyer offered e-mails indicating that he had raised questions about Kott.

Cuban’s side is highlighting Kott to buttress its defense that Cuban had many reasons for selling his stock. The SEC argues that Cuban sold his shares only after learning privately about Mamma.com’s plan to issue additional shares — a move that would lower the value of Cuban’s stock.

‘‘We’re not saying he fabricated his concern about Kott,’’ SEC lawyer Jan Folena said in court. ‘‘We’re saying his concerns about Kott are not the reason he sold his stock. There’s a difference.’’

Loading comments...
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 BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.