Mark Cuban Testifies During Insider-Trading Trial

fromKERA

Mark Cuban, the billionaire owner of the Dallas Mavericks, took the stand on Thursday in his civil insider trading trial. The Securities and Exchange Commission says Cuban used confidential information to dump his shares of mamma.com and avoid a $750,000 loss.

Copyright © 2013 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

DAVID GREENE, HOST:

One of pro basketball's most colorful figures is not on the court, but he's now in court. Mark Cuban, the billionaire owner of the Dallas Mavericks, defended himself yesterday on civil charges of insider trading.

From member station KERA in Dallas, BJ Austin reports.

BJ AUSTIN, BYLINE: Mark Cuban on the witness stand is a long way from the team owner yelling courtside at the referees. In court, Cuban answered yes ma'am and no ma'am and kept it low key and friendly when he disagreed with prosecutor Jan Folina. But he couldn't resist a little showmanship at one point, flashing his Maverick's brand cufflinks at the court.

Outside during a break, Cuban preferred to talk about the team, not the case.

MARK CUBAN: I think the Mavs are going to have a good season if we stay healthy. It's a special time when the season starts, so I'm obviously very, very excited.

AUSTIN: The Securities and Exchange Commission says Cuban used confidential information to dump his shares of mamma.com and avoid a $750,000 loss. On the stand Cuban admitted he was upset after a phone call from the company's CEO, Guy Faure. But he told the court he could not recall the exact conversation. Faure claims it was all confidential information. Cuban's lawyers say it was not.

Federal prosecutors want the three-quarter million plus penalties. Cuban will be back on the stand Monday morning.

For NPR News, I'm BJ Austin in Dallas.

Copyright © 2013 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.

Support comes from: