Man Sentenced for Disney-Marvel Insider Trading

Man Sentenced for Disney-Marvel Insider Trading

Nikki Finke:

[A] San Francisco man who worked for a corporate consultancy was sentenced today for insider trading in the Walt Disney Company’s 2009 purchase of Marvel Entertainment. …

[Toby] Scammell used the information that he learned from his girlfriend to acquire 659 call options to purchase Marvel stock for $5,465. He bought more than half of the options in his brother’s account. Scammell did not tell his girlfriend or his brother about the purchases of the Marvel call options. Marvel’s stock rose about +25% after the deal with Disney was announced on August 31, 2009, at which point Scammell immediately sold his options, realizing $192,000+ in profits.

Full story here.