Published January 08, 2015
A San Francisco man has been sentenced to three months in federal prison for using insider information to profit off The Walt Disney Co.'s $4 billion purchase of Marvel Entertainment.
Toby Scammell was sentenced Thursday in U.S. District Court in Los Angeles and ordered to pay more than $120,000 to brokers who sold him stock options. He was also ordered to pay the Securities and Exchange Commission $801,000 in a separate civil settlement.
Prosecutors say the 29-year-old was tipped off to the 2009 Marvel acquisition by a girlfriend who worked for Disney. He made a profit of more than $190,000 from the deal.
Scammell pleaded guilty in April to securities fraud through insider trading.
He will be confined to his home for six months after his release from prison.
https://www.foxnews.com/us/san-francisco-consultant-sentenced-to-prison-for-insider-trading-involving-disney-marvel