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The Securities and Exchange Commission has accused Dallas Mavericks owner Mark Cuban of insider trading.

It seems Mr. Cuban recently sold shares of mamma.com based on information that was privately divulged to him. Mr. Cuban allegedly sold the sahres in order to avoid losing $750,000 back in 2004.

Cuban had promised to keep the information mamma.com shared with him confidential; but according to reports, less than 4 hours after the information was shared with him, he broke his promise and placed an order to sell his shares.

SEC Division of Enforcement Deputy Director Scott Friestad said in a statement. “It is fundamentally unfair for someone to use access to non-public information to improperly gain an edge on the market.”

In response to the allegations Cuban posted the following statement on his blog: “I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”