The SEC (Securities and Exchange Commission) has charged entreprenuar/NBA owner Mark Cuban with insider trading according to the Wall Street Journal.

The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that Mamma.com was raising money through a private investment in a public entity, or PIPE. The next day, on June 29, the company announced the PIPE financing and shares of the company dropped by more than 10%. By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses.

Cuban rose to fame nationally as the wild owner of the NBA’s Dallas Maverick’s.  He made his first billion dollars in creating MicroSolutions and Broadcast.net  He has since started HDNet and HDTV as well as financially producing films in Hollywood.

Insider trading is the same thing that sent Martha Stewart to prison for six months.  Cuban is wishing now that he was merely charged with ‘bad trading’ for sending half his roster to the Nets last year for the washed up Jason Kidd.

[iamge: WENN]