You may remember that a former Disney employee and her boyfriend were sentenced recently in an insider trading scheme discovered in 2010. Now the boyfriend of another Disney worker has been charged with insider trading by the SEC in a scheme that allegedly took place in 2009.
According to a complaint filed in a California Federal Court, Toby Scammell made illegal profits of $192,000 from insider trading on information from a girlfriend (not publicly identified) who was on a six-month externship at Disney’s corporate strategy department in Burbank, CA in 2009. He is alleged to have learned from her in June that Disney was preparing to acquire Marvel for $50 per share. The deal wasn’t publicly announced until late August.
Scammell, who worked at an investment firm, is alleged to have secretly used money in his brother’s brokerage account to buy Marvel call options well above the trading price prior to the deal being announced. The lawsuit says Scammell had authority to handle the finances of his brother, who was deployed to Iraq with the US Army, and that the brother was never aware of the trades.
The SEC is seeking to make Scammell give up the $192,000 in profits, plus interest and civil penalties.