Why You Should Not Follow Mark Cuban's Legal Advice

Law360, New York (February 3, 2014, 6:38 PM EST) -- In a recent Law360 guest column, entrepreneur Mark Cuban gloated about his trial victory over the U.S. Securities and Exchange Commission and, in the process, provided some very bad legal advice. Specifically, he stated the following hypothetical:

[Suppose] someone walked up to you and said "I'm the CEO of this public company and I'm about to make the biggest cash sale in the history of the company and we will blow away all Wall Street numbers and you should buy the stock." That is without question material, nonpublic information. But if you trade on the information, is it insider trading? The...

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