Man pays the price for Disney fraud

Toby Schammel decided to profit from an information leak about Disney and enrich himself. Now he has to pay regulators $801,000 and spend some time in jail.

Schammel found from his then-girlfriend who was a corporate strategy employee at Disney, that the company is about to buy a famous film company which she didn’t name.

As a resourceful man, Schammel later learned from his consulting company that Disney had previously intended to acquire Marvel. His next move was to buy call options in Marvel stock at the sum of approximately $5,500. Later on, he sold them and made $192,000 in profit.

Toby Schammel plead guilty to security fraud in court and agreed to settle a parallel civil case for using insider information to profit from the $4 billion acquisition that Disney made.