NY Times' Dealbook reports that a California man accused of insider trading is fighting back with his own batch of allegations and insults, issuing a stinging statement late Tuesday that called the Securities and Exchange Commission’s lawyers “bumbling” and their case against him “riddled with omissions, distortions and inaccuracies.”
The S.E.C. sued Toby G. Scammell last week in Federal District Court in Los Angeles, accusing him of using secret information to place speculative bets ahead of the Walt Disney Company’s acquisition of Marvel Entertainment. Mr. Scammell, who was 24 when he bought a series of call options on Marvel shortly before the September 2009 takeover, turned a 3,000 percent profit on his trades, the S.E.C. said. In its complaint, the S.E.C. contends that Mr. Scammell received advanced notice of the deal from his girlfriend, who worked on the acquisition as a Disney employee.
But Mr. Scammell, in an emotional e-mail to reporters on Tuesday, shed new light on his case, saying that he too worked on a “confidential Disney consulting project.” The project, he said, required him to research the media giant’s competitors, including Marvel. While he lacked access to secrets tidbits about the company and its deal-making, Mr. Scammell said he gleaned from media reports that “Disney had been trying to buy Marvel for years.”
Now Mr. Scammell says he is building a Web site, SECfail.com, outfitted with documents and other evidence that he says will cast further doubt on the case against him...
Read more at http://dealbook.nytimes.com/2011/08/17/insider-trading-defendant-in-disney-case-fights-back/
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