I guess losing out on the Chicago Cubs was the least of Mark Cuban's worries. According to this blurb over on The Wall Street Journal, Cuban (owner of the Dallas Mavericks and spurned suitor for the Chicago Cubs) is the subject of insider trading charges filed by the Securities and Exchange Commission (SEC). The government alleges that Cuban sold all of his 6% ownership stake in Mamma.com on June 28, 2004, after learning that the company was raising money through a private investment in a public entity (PIPE). This move (when new shares are issued at a discount to the current trading price) came the next day, with the company falling by more than 10%. According to the SEC, Cuban avoided more than $750,000 in losses.

Scott W. Friestad, Deputy Director of the SEC's Division of Enforcement, noted that "Mamma.com entrusted Mr. Cuban with nonpublic information after he promised to keep the information confidential ... Less than four hours later, Mr. Cuban betrayed that trusty by placing an order to sell all of his shares." (The preceding quotes came from this CNNMoney article.) Taking a look at the charges, the SEC contends that Cuban was told of the PIPE move (as the company's then-largest known shareholder) and decided to dump all 600,000 shares before the announcement. One thing is certain: no matter the outcome, this will get interesting.