18 Nov 2008

NBA club owner Cuban charged with insider trading

9:33 am on 18 November 2008

Mark Cuban, the controversial owner of the National Basketball Association's Dallas Mavericks, has been charged with insider trading.

The Securities and Exchange Commission says the billionaire businessman has been charged on with selling 600,000 shares of stock from an Internet search engine company, Mamma.com Incorporated.

The SEC says the sale was based on non-public information regarding an impending stock offering by the firm.

Cuban, 50, made his money through Internet and technology companies and bought the Mavericks in 2000, becoming an outspoken critic of some aspects of the league and billing himself as his team's top fan.

The NBA has fined him more than $2 million for statements critical of the league and its referees.