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The Associated Press

Dallas Mavericks owner Mark Cuban, right, looks on as time runs out in the fourth quarter of the Denver Nuggets' 108-105 victory over the Mavericks in an NBA basketball game on Nov. 7 in Denver.

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Dallas Mavericks owner charged with insider trading

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November 17, 2008 - 11:26 AM

WASHINGTON (AP) - Federal regulators have charged Dallas Mavericks owner Mark Cuban with insider trading for allegedly using confidential information on a stock sale to avoid more than $750,000 in losses.

The Securities and Exchange Commission filed a civil lawsuit against Cuban today in federal court in Dallas. The agency says that in June 2004, Cuban was invited to get in on the coming stock offering by Mamma.com Inc. after he agreed to keep the information private.

The SEC says Cuban knew the shares would be sold below the current market price, and a few hours after receiving the information, told his broker to sell all shares in the search engine company.

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