Mark Cuban on trial for insider trading

Billionaire and Dallas Mavericks owner, Mark Cuban, is on trial for insider trading. Cuban, who is known for his feisty and often loud personality, has found someone else to tangle with other than NBA referees. This time, he is dealing with the Securities and Exchange Commission (S.E.C.).

The case has been in play for some time now and has gone through numerous twists and turns. The latest landmark in this process is the announcement that the jury who will be hearing the trial has been selected on Monday, nearly five years after the S.E.C. filed the charges against the 55-year-old Cuban.

He is being accused of using insider information when he ordered his broker to dump his stock in then-named Mamma.com, to avoid $750,000 in losses in 2004. Cuban, who was the largest individual shareholder in the company was contacted by the C.E.O. that the company intended to sell more shares to raise funds. That move would have diluted Mark’s six percent stake in the company.