A San Francisco man charged with insider trading related to the acquisition of Marvel Entertainment by Disney in 2009 pleaded guilty to securities fraud and agreed to pay more than $800,000 in fines and ill-gotten profits.
Since the acquisition, Marvel and Disney have turned out a score of incredibly successful superhero movies based on Marvel’s comic book properties. One of those films, The Avengers, became the highest-grossing movie ever.
It’s always unfortunate when some unethical individuals break the law for personal gain. At Colling Gilbert Wright & Carter, our securities fraud attorneys help when people are victimized by this behavior.
If you need an experienced securities fraud attorney, please call Colling Gilbert Wright & Carter today at 1-866-352-3476 for a free consultation.
The man, Toby Scammell, bought call options in Marvel after finding out about the potential acquisition from his girlfriend, who worked with Disney. After the acquisition, Marvel’s stock soared and Scammell sold, making over $100,000.
The Los Angeles Times reports that, along with the fines, Scammell is facing up to 25 years in prison.
If you’ve been a victim of securities fraud, our attorneys can help. Please contact Colling Gilbert Wright & Carter today for a free consultation.