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Net Net: Promoting innovation and managing change

Accused Insider Trader Launches Anti-SEC Blog

The U.S. Securities and Exchange Commission seal hangs on the facade of its building in Washington, DC.
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A twenty-six year old California man charged with insider trading has launched a blog blasting the Securities and Exchange Commission for "omissions, distortions and inaccuracies."

Toby Scammell was charged earlier this week with violations of securities laws in connection with the purchase of call optionsfor stock in the comic book company Marvel. The SEC says he made the purchases after after learning that Disney intended to acquire Marvel.

The complaint alleged that he found out about the acquisition from his girlfriend, who inadvertently dropped clues that it says Scammell pieced together.

At the time, Scammell's girlfriend worked on the Marvel acquisition in Disney's corporate strategy department, the SEC complaint said.

Now Scammell is firing back with a blog on the Tumblr service that he's calling #SECFAIL.

"I am Toby Scammell and last week I was sued by the SEC for insider trading. The SEC’s complaint against me is so riddled with omissions, distortions and inaccuracies that it’s hard to know where to begin. To grab headlines the SEC has concocted an imaginative story that’s not supported by the facts," his initial post states.

He goes on to list a number of complaints he has about the SEC's charges against him.

This may be the first time an accused insider trader has ever fought back so publicly while the case against him is still pending.

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