Disney Employee's Insider Trading Scheme Fizzles

Tip No. 1: Don't send out email blasts

By John Johnson

Posted May 26, 2010 2:55 PM CDT

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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.

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