The SEC has charged a 26 year-old named Toby Scammell (HEH) with insider trading, after he made nearly $200K on stock deals after learning from his Disney-employed girlfriend that Disney was going to buy Marvel. How many objectionable things do we know about Toby?
- His girlfriend, a Disney intern, was unaware of what he was doing; he got the info from her "through seemingly innocent chats."
- Instead of trading with his own money, Scammell used money from the trading account of his brother "which he had gained control over when his brother was deployed with the U.S. Army to Iraq in 2007." He then transferred the profits back to his own account.
- Scammell put his profits towards a good cause, according to the NY Post: he "launched Feastery.com, a self-described 'exclusive, members-only Web site' linking foodies with good deals on restaurants."
- And from the "Who We Are" section of Feastery.com: "We love to cook, eat, drink, photograph and discuss everything culinary. When we eat out we expect tasty food, friendly service, and good value. This is true whether we're paying $20 for a burger and beer or $200 for a nine course tasting menu with private reserve wines." Twenty dollars for a burger and beer is nothing, when you've made $200K insider trading.