WASHINGTON -- Federal regulators have accused billionaire Dallas Mavericks owner Mark Cuban of insider trading for allegedly using confidential information on a stock sale to avoid more than $750,000 in losses.

The Securities and Exchange Commission filed a civil lawsuit against Cuban on Monday in federal court in Dallas. The agency said that in June 2004, Cuban was invited to get in on the coming stock offering by Mamma.com Inc. after he agreed to keep the information private.

The SEC said Cuban knew his stake -- pegged at 600,000 shares, or 6 percent ownership in the company -- would be sold below the current market price after learning that Mamma.com was raising money through a private investment in a public entity (also known as a PIPE).

A few hours after receiving the information, Cuban told his broker to sell all shares in the search engine company, according to the suit.