Disney Employee's Insider Trading Scheme Fizzles

Tip No. 1: Don't send out email blasts
Posted May 26, 2010 2:55 PM CDT
Disney Employee's Insider Trading Scheme Fizzles
A file photo of Cinderella Castle in the Magic Kingdom in Florida. (That's the space shuttle Discovery lifting off.)   (Kent Phillips, photographer)

A woman who worked as an administrative assistant to a Disney executive is accused of trying to sell business secrets to hedge funds. As New York magazine explains, she and her boyfriend got the not-so-bright idea to send out a blind email to hedge funds seeking customers. At least 20 who received it promptly notified the feds.

A portion of the email in question: "Hi, I have access to Disney's (DIS) quarterly earnings report before its release on 05/03/10 [sic]. I am willing to share this information for a fee that we can determine later. I am sorry but I can't disclose my identify for confidentiality reasons but we can correspond by email if you would like to discuss it." Undercover FBI agents were more than happy to do so.
(More Disney stories.)

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