DALLAS (AP) - Closing arguments are underway in the government's insider-trading case against billionaire Dallas Mavericks owner Mark Cuban. Around midday Tuesday, a Securities and Exchange Commission lawyer began her overview of the case for the jury in U.S. district court. She was to be followed by one of Cuban's lawyers.
The SEC is suing Cuban, saying he sold his shares in search engine company Mamma.com after learning privately about a stock offering that would lower the value of the shares. The SEC says Cuban avoided $750,000 in losses. Cuban disputes the SEC's claim that he agreed to keep information about the 2004 stock offering confidential. He also says other investors knew about the offer, and that he did nothing wrong by selling his shares for $7.9 million.