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DALLAS -- Mark Cuban says hes a follow-the-rules investor who checked with his broker to make sure that his 2004 sale of stock i

in Highschool 02.05.2018 08:26
von jokergreen0220 • 2.145 Beiträge

DALLAS -- Mark Cuban says hes a follow-the-rules investor who checked with his broker to make sure that his 2004 sale of stock in an Internet company was legal. Kenneth Acker Jersey . Cuban testified Thursday that he was upset when the companys CEO told him news that would reduce the value of his shares, for which hed paid $7.5 million. But he said he did nothing improper when he sold those shares over the next two days. The Securities and Exchange Commission is suing the owner of the Dallas Mavericks for insider trading, claiming that he broke a promise of confidentiality and traded on private information that gave him an advantage over other investors. A jury in federal district court is hearing the civil lawsuit, which doesnt involve criminal charges. The case may hinge on a single phone call between Cuban and the CEO of Mamma.com Inc., a search-engine company based in Canada. In recorded testimony played to jurors this week, CEO Guy Faure said he told Cuban about the planned stock issuance. Faure said that Cuban agreed at the outset that the information would be confidential. Cuban testified that he was upset to learn about the stock offering, which would dilute the shares of earlier investors like himself, but he denied ever agreeing to keep the information confidential. He said he couldnt recall details of the conversation. Executives of Mamma.com, a search-engine company based in Canada, believed that Cuban had promised not to trade until the stock offering was publicly announced. Cuban said he would never have made such an agreement. "Nobodys going to tell me" when to trade, he said. An email from his broker at UBS suggested that Cuban asked if his sale of Mamma.com stock was legal. "I dont like to do anything thats not 100 per cent kosher," he wrote. Cuban said he had reasons beyond the stock offering for selling his shares, including concern over ties between Mamma.com and a convicted stock swindler, Irving Kott. But SEC lead lawyer Jan Folena produced an email exchange from early 2004, before Cuban sold his stock, in which he appeared to dismiss another investors worries about Kott. Folena also produced an email in which Cuban directed a reporter for his sharesleuth.com website to dig up dirt on Faure and Mamma.com. Folena said that Cuban wanted to discredit Faures recollection of the critical 2004 phone call. Folena charged Cuban of cheating because he couldnt stand the idea of losing on an investment. "You look at every loss in your life as a huge failure," she said. "Absolutely not," Cuban answered. Folena then quoted from a business article that Cuban wrote in which he said he took every loss as a huge failure. Cuban was Mamma.coms biggest shareholder, owning a 6 per cent stake. The SEC says Cuban avoided $750,000 in losses by selling on insider information before the shares fell by nearly 10 per cent once the private stock offering was announced. The SEC wants Cuban to give up that money and pay a fine. As Cuban took the witness stand Thursday, he was relaxed -- smiling and making a few jokes. He smiled less often as he jousted throughout the day with Folena. In the afternoon, guided by one of his lawyers, Cuban told the jury his life story -- growing up in Pittsburgh; graduating from Indiana University; moving to Dallas and sharing an apartment with five other guys; starting his first company at 25; becoming a billionaire in 1999 when he and his business partner sold Broadcast.com to Yahoo for $5.7 billion. Cuban looked directly at the jurors as he recounted buying the Mavericks. His wife no longer sits with him because he screams too much, and he misses some games to spend time with his three kids. "Im the luckiest guy in the world," he said of his wealth, which Forbes estimates at $2.5 billion. The jurors paid rapt attention; a few of them smiled. The trial will resume Monday. Larry Johnson Jersey . Lawrie was hit on the hand by Cincinnati pitcher Johnny Cueto in the second inning of Sundays 4-3 loss to the Reds. Derrick Johnson Jersey . The whole deflation of New England Patriots footballs is like a murder mystery without the violence or significance. On one side, this is a ridiculous issue. http://www.prochiefsauthentic.com/Youth-Reggie-Ragland-Elite-Jersey/ . The NFLs Defensive Rookie of the Year will be named at the NFL Honours Award show on February 1. The 23-year-old 2013 second-rounder out of Oregon becomes the third Bills linebacker to win the honour after Jim Haslett (1979) and Shane Conlan (1987.BALTIMORE -- The Toronto Blue Jays have placed second baseman Maicer Izturis on the 15-day disabled list with a sprained left knee and optioned catcher Erik Kratz to Triple-A Buffalo. Izturis hurt his knee in Sundays game against the Orioles. Hes batting .286 with one RBI in 11 games. TThe Blue Jays, who are off Monday, intend to recall infielder Munenori Kawasaki from Buffalo on Tuesday and activate left-hander J. Dee Ford Jersey. A. Happ from the 15-day disabled list on that day. Happ has been sidelined with a back injury and has not yet played this season. Cheap Jerseys Stitched Jerseys Cheap NFL Jerseys Wholesale Wholesale Jerseys Free Shipping NFL Jerseys Wholesale NFL Jerseys Wholesale Wholesale Jerseys China ' ' '

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