Mark Cuban insider trading trial began Monday in a federal courtroom in Dallas on accusations that the Dallas Mavericks owner "committed fraud by engaging in illegal insider-trading," according to court documents.

Star of "Shark Tank," Mark Cuban is being accused of insider trading for this trial. Security and Exchange Commission is who has filed the lawsuit against Mark Cuban.

The file states that Mark Cuban agreed to keep non-public information privately exchanged between he and the CEO of a small Internet-search company confidential, but instead used the it to sell his 600,000 shares in the company, avoiding $750,000 in losses.

The SEC wants to recoup the money, impose civil fines and enjoin Cuban from similar alleged misconduct, according to ABC News.

This issue has to deal with a website called Mamma.com. During the after-hours trading on June 28, 2004 Cuban sold 10,000 of his 600,000 Mamma.com shares. The following morning, he sold his remaining 590,000 shares during regular trading hours, according to ABC News.  The same morning, the executive chairman of the website said acknowledged "he (Cubsan) would not invest, does not want the company to make acquisitions and that he will sell his shares which he cannot do until after we announce."

"The SEC knows their case centers on one telephone conversation between two individuals-four years ago," one of Cuban's attorneys Stephen A. Best said in the statement. "The SEC claims there was an agreement between these parties to the conversation to keep certain information confidential. We interviewed Guy Faure, the former CEO of Mamma.com Inc., with whom the SEC claims Mr. Cuban made an agreement. We had a court reporter transcribe the interview. There was no agreement to keep information confidential."

According to the court documents, Cuban became very upset and angry during the conversation, saying he "did not like PIPEs because they dilute the existing shareholders."

"Well, now I'm screwed. I can't sell," Cuban said, according to the SEC.