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Mon October 7, 2013
UPDATE: Mark Cuban Back On Stand At Insider Trading Trial
Mark Cuban’s insider trading trial continues today, with the Dallas Mavericks owner back on the witness stand.
Cuban told jurors he first learned that the Securities and Exchange Commission was suing him for alleged insider trading when he tuned into the cable channel CNBC one morning in 2008.
The billionaire is accused of dumping his stock in the internet search firm Mamma.com in 2004 after receiving confidential information from the company's CEO about a pending sale of additional stock. Prosecutors say that Cuban avoided a big loss by selling his 600,000 shares.
Cuban says there was no confidentiality agreement. CEO Guy Faure sent a follow-up email giving Cuban and his financial advisers the name of the investment banker who was pitching the sale of additional stock to clients.
Cuban said he generally doesn’t agree to treat as confidential information what people tell him about investments. He countered the government’s claim that he broke a secrecy vow in 2004 when he unloaded his shares.
Cuban detailed his concern over connections between Mamma.com and a convicted stock swindler, Irving Kott. Cuban's lawyer offered emails indicating he raised questions with company officials and spoke with FBI and SEC officials about Kott.
Cuban's attorney asked why he didn't just settle with the SEC five years ago.
"I did nothing wrong,” Cuban replied. “I refused to be bullied."
Cuban is expected to wrap up his testimony today.
The Associated Press contributed to this report.