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Thu Oct 3, 2013, 09:35 AM

SEC witness says Cuban responded ‘Now I’m screwed’ in pivotal call

The Securities and Exchange Commission’s star witness against Mark Cuban testified Wednesday that he made it clear that the information he provided the Dallas Mavericks owner nine years ago was confidential and that Cuban agreed to not trade on that information.

But former Mamma.com CEO Guy Fauré, testifying by a pre-recorded video deposition, admitted that he never asked Cuban to sign a confidentiality agreement and he never considered letting Cuban know by email that the information he wanted to discuss was confidential.

-snip-

Cuban is accused of using insider information provided to him by Fauré when he sold his 6 percent ownership of Mamma.com in June 2004, just hours before the Canadian search engine company announced it would conduct a private equity offering to raise capital.

By selling before the public announcement, Cuban avoided losing more than $750,000, the SEC alleges.

More at http://www.dallasnews.com/business/headlines/20131002-sec-witness-says-cuban-responded-now-im-screwed-in-pivotal-call.ece .

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