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Dancing With The SEC

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Nov. 17 2008, Published 5:41 a.m. ET

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Marc Cuban is in hot legal water.

The billionaire-entrepreneur owner of basketball's Dallas Mavericks -- and star of the 5th season of Dancing with the Stars, where he strutted his stuff with Kym Johnson -- has been accused of insider trading by the Securities and Exchange Commission.

According to a civil action filed by the SEC, Cuban sold his 6% ownership stake of Mamma.com when he learned it was going to seek money through a private offering.

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On June 29, the day after he bailed, the company saw its share plummet over 10%.

That saved Cuban a quarter-million dollars.

Gonna take some fancy footwork to get out of this one.

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