Seven women and three men were selected to hear the U.S. Securities and Exchange Commission's insider trading case against Mark Cuban, the notorious billionaire owner of the Dallas Mavericks, on Sept. 30.The civil trial stems from Cuban selling his shares of an internet company, nearly a decade ago.
Cuban, 55, is accused of selling his 600,000 shares of the former Mamma.com Inc on June 28 and 29, 2004, soon after learning from Chief Executive Guy Fauré that the company was planning an equity offering that could dilute his 6.3 percent stake.
The U.S. Securities and Exchange Commission said Cuban avoided a roughly $750,000 loss after the Montreal-based company announced the offering, causing its stock price to drop 9.3 percent on June 30.
Cuban has maintained that he did nothing wrong, and that any information he may have received was neither confidential nor material enough to trigger an insider trading violation.
The jury trial before U.S. District Judge Sidney Fitzwater in Dallas is expected to last eight to 10 days, court papers show. The trial could stretch into mid-October, with breaks.
The 10 jurors, which includes both white and blue collar workers, were chosen from a pool of 64 prospective members.
Forbes magazine estimates Cuban's net worth at $2.5 billion.
The SEC is seeking to recoup ill-gotten gains, impose civil fines and obtain a permanent injunction to bar Cuban from similar alleged misconduct.
Cuban faces a $2 million dollar fine if found guilty and told reporters repeatedly that “I won’t be bullied” on Sept. 30.
Cuban also is one of the stars of the ABC television show, "Shark Tank," and has appeared on other TV shows such as ABC's "Dancing with the Stars" and HBO's "Real Time with Bill Maher."
Dallas missed the playoffs last season after finishing with a 41-41 record. However, Dirk Nowitzki is healthy after missing 29 games last year. The Mavericks also added several players during the offseason including Samuel Dalembert, Monta Ellis, Jose Calderon, Wayne Ellington, Devin Harris and DeJuan Blair.