DALLAS - A financial expert is telling jurors in Mark Cuban's insider-trading trial that he talked to the billionaire about a transaction that would lower the value of one of his stock holdings.
Arnold Owen testified Wednesday that he didn't think Cuban was barred from selling his shares in Momma.com or required to keep their 2004 phone call confidential.
Owen was working for an investment bank hired by the search-engine company to find investors for a stock offering. The offering lowered the value of the company's previous shares, including 600,000 that Cuban owned.
The Securities and Exchange Commission says Cuban avoided $750,000 in losses by using inside information to sell his shares. Cuban, who owns Dallas Mavericks, says he never promised not to trade on information he learned while Momma.com's biggest shareholder.
- Brownwood domestic violence shelter holding candlelight vigil Thursday
- Brownwood breaks four month slide in sales tax collections
- Brownwood man faces backlash for controversial Halloween display
- Brownwood traffic stop leads to arrest of Abilene man, 21, with 42 grams of meth
- Family, friends of Brownwood man express grief after body found, ID'd
Copyright 2016 by KTXS All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Football Friday Night: Latest scores from Abilene, the Big Country
- Brookesmith ISD board appoints acting principal in wake of superintendent stepping down
- Brookesmith ISD superintendent steps down amid talk of consolidation with another district
- Judge tweaks sentences for couple convicted of murdering Abilene police officer
- Brookesmith ISD meeting on possible consolidation gets heated