Suspect Pleads Guilty in Disney-Related Insider Trading Scheme

The poorly planned insider trading scheme set up by Yonni Sebbag and girlfriend Bonnie Hoxie, a former assistant to Disney head of corporate communications Zenia Mucha, has resulted in a guilty plea.

The two were arrested in May and charged with conspiracy to commit fraud after sending anonymous letters to hedge funds and investment companies promising an early peek at quarterly financial results. When the financial companies tipped off authorities, the scheme was played out through undercover FBI agents posing as interested investors.

Hoxie was released on $50,000 bail; Sebbag has been held without bail in Manhattan since the arrest and is scheduled to be sentenced November 16th. Under terms of the plea agreement, Sebbag agreed to forfeit the $15,000 received from the FBI agents in exchange for the disclosure of the inside information. He could receive 27-33 months in jail and face deportation to Morocco.


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