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Man Pleads Guilty to Fraud Charges in Disney Insider Trading Case

A man pleaded guilty in federal court earlier this week for his part in an insider trading scheme involving Walt Disney Co. Yonni Sebbag, the boyfriend of an assistant to a top executive with Disney, pleaded guilty to conspiracy to commit securities fraud and wire fraud, both federal crimes. 

Sebbag's girlfriend, Bonnie Hoxie, was an assistant to Zenia Mucha, the head of corporate communications at Walt Disney Co. According to the Los Angeles Times, Prosecutors accuse Hoxie of obtaining advance information on Disney's second-quarter earnings. Hoxie allegedly then passed this confidential information on to Sebbag who allegedly tried to sell the information to investors involved with at least 33 investment companies.

Sebbag and Hoxie were arrested last May and both were charged with conspiracy to commit securities fraud and wire fraud. Sebbag has been held without bail since his arrest.

Sebbag, 33, was caught by undercover FBI agents. The fraud charges carry a maximum prison sentence of 25 years and fines of at least $250,000. As a result of a plea deal, Sebbag will face from 27 to 33 months in jail. Sebbag also agreed to forfeit the $15,000 he accepted from the undercover FBI agents who had posed as investors. A citizen of Morocco, Sebbag also faces possible deportation. He is scheduled to be sentenced November 16.

Source:

Man accused in Disney insider trading scheme pleads guilty (Los Angeles Times)

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