The Wall Street Journal is Reporting the SEC is charging Dallas Mavericks owner Mark Cuban with insider trading. According to WSJ sources Cuban allegedly committed the violation of the law in order to save $750,000 in losses (that he probably could have used to offset other gains). If he does get convicted it is not only criminal but really stupid. Cuban is a multi-billionaire, $750,000 to him is small change. As a wise sage once said if you are going to get caught, get caught doing something huge, don’t break the law for pocket change.

Read the full story below:

WSJ The Securities and Exchange Commission filed insider trading charges against Mark Cuban, the outspoken owner of the Dallas Mavericks, for allegedly dumping shares in upon learning it was raising money in a private offering. The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that 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. In a PIPE transaction new shares are issued at a discount to the current trading price. An announcement of a PIPE transaction is often followed by a drop in the stock price as shareholders anticipate their stake will be diluted.