Toby Scammell will plead guilty to an insider trading case involving Disney’s acquisition of Marvel. He learned from his then-girlfriend who worked for Disney, that they would be acquiring a well-known company. She didn’t name the company Disney was going to acquire, but Scammell knew from his consulting company that they wanted to acquire Marvel. He bought call option in Marvel, netting $192,000 in profit.
Scammell settled the related civil case by paying $801,000 to the Securities and Exchange Commission which will be credited to his fine in the criminal case. He also faces jail time.
Disney has not be accused of any wrong-doing in the case.