June 2, 2025 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Prosecutors recommend jail time for man who illegally made money from confidential information regarding Walt Disney Co. and Marvel Entertainment

 

The confidential information pertained to Walt Disney Co.'s acquisition of Marvel Entertainment. (Thinkstock)
The confidential information pertained to Walt Disney Co.’s acquisition of Marvel Entertainment. (Thinkstock)

Prosecutors are recommending that a federal judge today sentence a 29-year-old man to six months behind bars for illegally making more than $192,000 from confidential information tied to the Walt Disney Co.’s acquisition of Marvel Entertainment.

Toby G. Scammell learned confidential details of the planned $4 billion transaction from his former girlfriend, who had landed a six-month externship in Disney’s corporate strategy department in Burbank in the months leading up to the 2009 deal, according to his plea agreement.

Prosecutors also recommend that U.S. District Judge S. James Otero order Scammell to serve six months in home detention following prison and pay restitution of $192,000 — a payment Scammell has already made, according to court papers.

The girlfriend — who was not charged — never revealed that Marvel was an acquisition target, but Scammell was able to piece together details of the deal from overheard conversations, access to her BlackBerry and conjecture prosecutors said.

Scammell admitted acquiring call options in Marvel, based on non-public information that Disney was going to offer about $50 a share to buy the iconic comic book publisher. The options entitled him to purchase the company’s stock in the future, at prices ranging from $40 to $45.

The day Disney publicly announced its planned purchase, Marvel’s stock increased 25 percent to $48.37, court papers show.

After the announcement, Scammell placed orders to sell all his Marvel options, making a profit of more than $192,000 on his initial $5,465 investment, prosecutors said.

Scammell, a San Francisco resident, pleaded guilty in April to securities fraud.

In a parallel case, Scammell was ordered in March to pay nearly $801,000 to settle an insider trading suit brought by the U.S. Securities and Exchange Commission in 2011. He was also permanently barred from working in the securities industry.

Related Posts

Alpine Floor & Home: A Legacy of Quality Since 1968

June 2, 2025

June 2, 2025

Founded in 1968 with a single location, Alpine Floor & Home began as a humble family business with a clear...

Chin Chin to Close West Hollywood Location After 45 Years of Service

June 2, 2025

June 2, 2025

Iconic Sunset Plaza Restaurant Announces Final Day of Operations Chin Chin, the iconic Chinese eatery that has been a fixture...

LACMA’s $700M David Geffen Galleries to Open in 2026

June 2, 2025

June 2, 2025

New Structure Will Replace Original Midcentury Buildings Construction crews are entering the final stretch on the David Geffen Galleries, a...

Criterion Mobile Closet Arrives in L.A. for Two-Day Stop at Santa Monica’s Aero Theatre

June 2, 2025

June 2, 2025

More Than 1,000 Classic Titles June 6–7 During American Cinematheque’s Bleak Week  Following its successful appearances at SXSW and Vidiots...

Lane Closures Return to PCH in Malibu for Fire Recovery and Emergency Repairs

June 1, 2025

June 1, 2025

Traffic Will Be Impacted as Caltrans and the USACE Conduct Cleanup  The California Department of Transportation (Caltrans) has announced updated...

Police Non-Emergency Line Temporarily Down Due to Service Outage in Culver City

June 1, 2025

June 1, 2025

Emergency 9-1-1 Services Remain Active; Alternate Numbers are Available  The Culver City Police Department has announced a temporary outage affecting...

Culver City to Frame Iconic Tree with Landmark Sculpture by Charles Gaines

June 1, 2025

June 1, 2025

Acclaimed Conceptual Artist’s Public Artwork Enters Final Phase Culver City is moving forward with the final phase of an ambitious...

Defensible Space, Defined: How A Plus Tree Protects Communities from Wildfire

May 30, 2025

May 30, 2025

In the wildfire-prone landscapes of the Western United States, safeguarding homes and communities requires proactive measures. A Plus Tree, a...

WeHo Pride Weekend Begins and 2025 Icons Announced: Parades, Concerts, and Community Celebration Kicks Off

May 30, 2025

May 30, 2025

Three-Day LGBTQ+ Festival Features Performances by Lizzo, Maren Morris, and Kim Petras West Hollywood is preparing to kick off its...

Palisades Village to Reopen in 2026 with Revamped Retail, Dining, and Community Spaces

May 29, 2025

May 29, 2025

Elysewalker Set to Return With Park Reconstruction, Holiday Events, and Streetscape Upgrades Palisades Village, the open-air shopping and lifestyle destination...

Bel Air Seventh Grader Reaches Finals of Scripps National Spelling Bee

May 29, 2025

May 29, 2025

Oliver Halkett of Mirman School Competed on Thursday for a $50,000 prize Thirteen-year-old Oliver Halkett, a seventh grader from Mirman...

(Video) Signs That Your Aging Loved Ones Are in Need of Caregiving

May 29, 2025

May 29, 2025

To Find Out More, Go To Safelyhomeagain.com To Find Out More, Go To https://t.co/ZCPyKHj5aq pic.twitter.com/cDTEPjfA6s — Westside Today (@WestsideLAToday) May...

Two Men Charged in Culver City Kidnapping and Robbery After Victim Forced to Withdraw Cash

May 29, 2025

May 29, 2025

Suspects Allegedly Abducted Man at Gunpoint, Drove Him to Multiple Banks  Two men have been arrested and formally charged in...

Salt & Straw Unveils Summer Pie Series with Five Seasonal Ice Cream Flavors

May 29, 2025

May 29, 2025

Five New Flavors Inspired by Classic Summer Pies Will Be Introduced Salt & Straw is giving summer a scoopable twist...

(Video) Interviews with Rick Caruso and Elyse Walker, with a Dennis Quaid cameo

May 28, 2025

May 28, 2025

We spoke at the Press Conference to announce plans to reopen Palisades Village Shopping Mall. Actor Dennis Quaid arrives to...