Mark Cuban is Scheduled to Testify in Court

Mark_Cuban_2012DALLAS, Texas, Oct 3 (Reuters) – Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team, is expected to take the stand Thursday in his insider trading civil trial, attorneys for both sides said in court on Wednesday.

Cuban, 55, has maintained he did nothing wrong when he sold his 6.3 percent stake in Inc more than nine years ago.

But lawyers for the U.S. Securities and Exchange Commission say Cuban, estimated by Forbes magazine to have a net worth of about $2.5 billion, knew what he was doing when he unloaded his 600,000 shares in late June 2004 and avoided a $750,000 loss.

Cuban rose to prominence ahead of the dot-com crash by selling his company in 1999 to Yahoo Inc for $5.7 billion.

Cuban is accused of selling his shares soon after learning from Chief Executive Guy Fauré that the Montreal-based company was planning an equity offering that could dilute his stake.

Source: Jana J Pruet, Yahoo Sports