A federal court in Texas today found Dallas Mavericks owner and billionaire Mark Cuban not guilty of insider-trading, The Associated Press reported.
The court in Dallas began deliberations this morning and reached a decision this afternoon. It found that Cuban was acting within the law when he sold off 6 percent, or $7.9 million, of his share in Mamma.com – a would-be rival of Google – in 2004.
It was in that year that Cuban was informed by Mamma.com CEO of a discounted stock offering that would have hurt the value of Cuban’s shares. He sold his six percent – which was more than anyone else had – shortly after learning of the impending offering.
The prosecution from the Securities and Exchange Commission tried to argue that Cuban had an unfair advantage when he was told of the stock offering. The jury found that it was, in fact, public knowledge at the time Cuban sold his stock.
Even though he won, Cuban was still upset about what he thought was improper conduct by the SEC.
“They [prosecutors] didn’t go after Mamma.com, because it wasn’t a big name,” Cuban told reporters outside of the courthouse today, according to ABC News affiliate WFAA. “When they called people that are upstanding citizens liars, when they mischaracterize the facts, when they did everything to hide the facts and not bring out the facts, that’s just wrong.”