The Billionaire Behind Insider Trading Charges

Cuban co-founded HDNet, the high definition television network, and has an ownership stake in two movie studios, a distribution company and Landmark Theaters, the largest chain of movie theaters that show independent films. His companies have produced and distributed films, such as "Good Night, and Good Luck" and the documentary "Enron: The Smartest Guys in the Room."

He challenged the movie business when he proposed releasing films to theaters, DVD and television in the same day.

He reportedly also harbors ambitions to buy the Chicago Cubs, though that plan could be complicated by the insider trading allegations.

"What the allegations go to is the person's integrity more than anything else," said Stern. "If somebody looking at it believes he may have engaged in this kind of conduct, they are going to need to decide whether he is the kind of person they would want to own a major league franchise."

Since selling broadcast.com, Cuban has appeared on his own reality television show, "The Benefactor," which was pulled after six episodes. He has also been a contestant on ABC's "Dancing With the Stars," but was eliminated before the finals. In 2006, he started sharesleuth.com, a Web site dedicated to investigating stock fraud.

"He seems to think that he is somehow exempt from the laws that govern the trading of securities in this country," said Munson. "I thought of him being a guy having some fun. This kind of shows the kind of avarice that I didn't think was part of Mark Cuban."