Billionaire entrepeneur and Dallas Mavericks owner Mark Cuban, has been sued by the SEC today for insider trading. The charges stem from a 2004 sale of stock he owned and could prove to be extremely serious for one of the world’s richest persons.

The suit alleges that Cuban received news that the price of the shares in Momma.com Inc were about to be lowered when a public offering was made. Within hours of getting this news, Cuban allegedly contacted his broker and sold off all 600,000 shares he owned.

The following day the stock was indeed lowered and Cuban saved himself $750,000.

The SEC is asking for punitive damages, restitution and an injuction for future actions in which they claim are inevitable. Criminal charges could also be forthcoming, as was in the case of Martha Stewart who had a similar case.

Cuban also owns Landmark Thearters and HDNet. He is also bidding to become the owner of the Chicago Cubs. Of course, this action will likely put an end to that.

No word yet on what Cuban plans to do about this suit and possible charges. His attorney has yet to make a public statement.