Photo: FLLewis/Media City G — Disney Studios in Burbank
A San Francisco man out to make a quick profit is now facing a prison sentence for insider trading involving the Disney deal to buy Marvel Entertainment. Disney scooped up Marvel back in 2009 for $4 billion. Last April, Toby G. Scammell pleaded guilty to one count of securities fraud stemming from his purchase pf more than 600 call options of Marvel stock for $5,465, just before Disney bought Marvel, according to San Fernando Valley Business Journal. The story was first reported Thursday on Nikkifinke.com
After the deal became public, Scammell sold those options for $192,000! The Feds apparently became suspicious of Scammell’s because he had never bought Marvel stock before. Turns out, Scammell got wind of the deal from a girlfriend who was working at Disney at the time. Also, Scammell got more evidence of the deal on his job at a corporate consulting firm with a tie to Disney.
On Thursday, a judge sentenced Scammell to serve three months in a federal prison and six months of home confinement. Also, he was hit with nearly a million in fines and restitution. Finke reports Scammell is due to start serving that sentence next month.
