Jury seated for Mark Cuban insider trading trial

Print
Email
|

by DAVID SCHECHTER

Bio | Email | Follow: @davidschechter

WFAA

Posted on September 30, 2013 at 7:38 PM

DALLAS — Jury selection can often take just a few hours, but the process for the federal trial of Dallas Mavericks owner Mark Cuban was a marathon.

It extended all day Monday — past five o’clock, which is very rare.

Cuban is accused of using insider information to dump his stock in a small Internet-search company in 2004 — just before the shares fell in value. He avoided $750,000 in losses.

The Securities and Exchange Commission wants Cuban to give up the money and pay a civil penalty.

Because of Cuban’s celebrity status in Dallas and nationwide, the judge called an unusually large number of potential jurors, and the vetting of those jurors — to see if they can be impartial — has been very detail-oriented.

There’s been a lot of discussion during jury selection about Cuban’s ownership of the Mavericks, but an even larger number had seen him on the ABC television shows "Shark Tank" and "Dancing With the Stars."

Earlier, Cuban hinted to us that even though he’s being sued, he will do his best to put the government on trial.

Based on what we’ve heard in court, this case may revolve around whether there was an oral agreement in place that would have prohibited Cuban from selling the stock.

Opening arguments in the trial will be on Tuesday.

The Associated Press contributed to this report.

E-mail dschechter@wfaa.com

Print
Email
|