The SEC has charged Mark Cuban with insider trading for selling 600,000 shares of the stock of internet search company mamma.com on the basis of material, non-public information.

“Within hours of receiving this information, according to the complaint, Cuban called his broker and instructed him to sell Cuban’s entire position in the company. When the offering was publicly announced, Mamma.com’s stock price opened at $11.89, down $1.215 or 9.3 percent from the prior day’s closing price of $13.105. According to the complaint, Cuban avoided losses in excess of $750,000 by selling his stock prior to the public announcement of the offering.”

The SEC press release can be found here. You can also find more info here including recent blog posts by Cuban. His blog can be found here.