Man admits to insider trading

Aug 24, 2010 |

Reuters

New York, Aug. 23: A man accused with his girlfriend of operating a “brazen” insider trading scheme involving Walt Disney Co stock pleaded guilty to conspiracy and fraud charges on Monday.

Mr Yonni Sebbag, 30, faces a possible 33-month prison term. Mr Sebbag, a citizen of Morocco, has been held in custody since his May 26 arrest.

Last May, prosecutors accused Mr Sebbag and his girlfriend Bonnie Hoxie, an assistant to Disney’s corporate communications chief, of trying to sell inside information about the company to more than 30 US and European hedge funds.

At Monday’s hearing in Manhattan federal court, Mr Sebbag said: “From March 2010 to May 26, 2010, I agreed with others to commit securities fraud and wire fraud.”

This information included details about upcoming financial results and possible advanced talks over a sale of Disney’s ABC television network, prosecutors said.

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