The WALL STREET JOURNAL has some very bad news for Mark Cuban today, reporting the NBA Dallas Mavericks owner has been charged with insider trading.

“the Securities and Exchange Commission filed insider trading charges against Mark Cuban, the outspoken owner of the Dallas Mavericks, for allegedly dumping shares in Mamma.com upon learning it was raising money in a private offering.”

So how much did Cuban make? Nothing. How much he was saved from losing though is another story.

The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that Mamma.com was raising money through a private investment in a public entity, or PIPE. The next day, on June 29, the company announced the PIPE financing and shares of the company dropped by more than 10%. By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses.

$750,000? Wow. That’s almost as crazy as selling a web concept for $1B that vanished into thin air. Oh, wait.

Even if Cuban turns out to be innocent, do you think this will scuttle his on-life-support bid for the Cubs completely?

UPDATE: THE SMOKING GUN has the Feds’ criminal complaint against Markie Stairmaster.

So, will Cubes go on offense? Go Martha Stewart on us? That would be the only way he’d face jail time.

And how happy are Jerry Reinsdorf and Bud Selig today?