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Californian indicted for alleged insider trading

Oct. 9, 2013 at 3:33 PM   |   Comments

LOS ANGELES, Oct. 9 (UPI) -- A federal grand jury indicted a California man for profiting on non-public information allegedly given to him by a girlfriend who had ties to Walt Disney Co.

The grand jury indicted Toby Scammell, 28, whose girlfriend at the time of the alleged insider trading in 2009 was working on an "externship" in the company's corporate strategy department, the Los Angeles Times reported Wednesday.

Scammell is alleged to have made $192,497 by buying call options in Marvel Entertainment just prior to Disney's announcement that it would plan to buy Marvel for $4 billion.

The indictment, handed down by a Los Angeles grand jury, says Scammell invested $5,465 and made a quick profit of 3,000 percent.

Scammell "knowingly obtained, possessed and misappropriated material non-public information ... for his own personal benefit and profit," the indictment says.

The Securities and Exchange Commission charged Scammell with insider trading in 2011, the Times said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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