A 26-year-old California man facing insider trading charges has started a blog accusing the U.S. Securities and Exchange Commission (SEC) of misrepresenting facts in its case against him.*
Toby Scammell was charged this week with securities law violations related to his purchase of call options in Marvel Entertainment ahead of Disney’s acquisition of the comic book giant. According to the SEC, Scammell allegedly acted on nonpublic information obtained from his girlfriend, who worked in Disney’s corporate strategy department and inadvertently revealed details about the deal.
In response, Scammell launched a Tumblr blog titled #SECFAIL, where he claims the SEC’s complaint is filled with “omissions, distortions, and inaccuracies.”
“The SEC has concocted an imaginative story that’s not supported by the facts,” Scammell wrote in his first post. He disputes several aspects of the charges, though the case remains pending.
Legal experts note that public pushback from an accused insider trader during an active case is highly unusual. The SEC has not yet commented on Scammell’s claims.
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