Assistant to Disney Senior Executive Charged in Insider Trading Scheme
Bonnie Jean Hoxie, assistant to a senior Disney executive, & her boyfriend Yonnie Sebbag have been charged with insider trading of Walt Disney Shares by the Securities and Exchange Commission (SEC) today. Allegedly, they worked together to send letters to 20 hedge funds offering the sale of advanced information about Disney’s second quarter earnings. This action violates the anti-fraud provisions of federal securities laws.
According to Daily Finance: “The SEC complaint describes Sebbag, 29, as a resident of California. In various communications, he used the alias “Jonathan Cyrus. Hoxie, 33, is also a resident of California, and in her role as administrative assistant to a high-level Disney executive, had access to confidential information concerning the company’s financial performance and operating plans. Hoxie had signed a confidentiality agreement with Disney.”
Starting in March 2010 Bonnie Jean Hoxie starting sending offer letters anonymously & assured the hedge fund executives of her discretion. In early May when Hoxie obtained pre-release results for Disney’s second quarter 2010 earnings she provided them to Sebbag who eventual sold the confidential information to an undercover agent from the Federal Bureau of Investigation (FBI). Before the undercover agent revealed his identity Sebbag reportedly even made an offer to build a business relationship for pre-release information on future quarters and information.