Eccentric billionaire Mark Cuban is now under investigation by the SEC for alleged insider trading. In 2004 Cuban sold 600,000 share of Mamma.com “on the basis of material, nonpublic information concerning an impending stock offering." Uh oh.

The FCC filed its complaint in the U.S. District Court for the Northern District of Texas. It alleges that in June 2004, Mamma.com invited Cuban to participate in its stock offering after he agreed to keep the information confidential.

Within hours of hearing about the offering at a discount, Cuban, knowing it would dilute the holdings of existing shareholders, called his broker and instructed him to sell his entire position in the firm, according to the SEC.

Once the offering became public, Mamma.com's stock price opened 9.3% below the previous day's closing price. Cuban avoided losses in excess of $750,000, the SEC said.

This is what Martha Stewart went down for. Could Cuban be wearing an ankle bracelet soon? Seriously, what kind of penalty will he even face for this? He’ll get tons of press and be confined to his multi-million dollar mansion for a month or too. Gotta love our legal system.