By Morgaine_Levesque 3 Comments
Courtesy of The Nerdy Bird
The Walt Disney Company's acquisition of Marvel Entertainment in 2009 was a huge move for the industry. Almost 2 years later, it's being brought to light that an individual may have been involved in some illegal insider trading before the big purchase.
Deadline reports the Securities and Exchange Commission filed a complaint today against a man named Toby G. Scammell for apparently using confidential information about Disney's planned acquisition to make a large profit for himself.
The information was said to have been obtained via his girfriend, a Disney employee, unbeknownst to her. " Scammell got the insider information from his girlfriend's BlackBerry and used some cash for his purchase from the account of his older brother, who was in the Army and deployed to Iraq at the time," writes Deadline. "The options raised a red flag at the SEC as Scammell, then 24, had never traded Marvel securities before buying the $5,400 in options. After the sale was announced, Marvel's stock rose 25%, giving Scammell a 3,000% profit when he sold off."
The Hollywood Reporter says Scammell was working at investment fund at the time he made the purchase which cost him $5,400 at the time. "The SEC did not name the brother or girlfriend and said neither was involved in wrongdoing," writes THR, who also had a response from Disney, “This does not involve Disney and the complaint speaks for itself,” said a Spokewoman.