Friday, 26 December 2014
Last updated 1 day ago
Jun 9 2010 | 9:16am ET
A man accused of trying to sell insider information about the Walt Disney Co. to hedge funds has been ordered held without bail.
Yonni Sebbag’s lawyer did not oppose the prosecution’s request that his client be detained, explaining that Sebbag had only just hired him. Sebbag and his girlfriend, former Disney secretary Bonnie Hoxie, were arrested last month after they tried to sell advanced information about Disney’s earnings to about 20 hedge funds, as well as other investment firms.
Sebbag was transferred to New York, where the case was filed, on Monday. Hoxie, who is free on bail, is expected to appear there tomorrow.
According to prosecutors and the Securities and Exchange Commission, Sebbag sent letters offering up the information to the firms. Unfortunately for him and his girlfriend, the hedge funds quickly turned those letters over to the authorities, and the only interest they received was from a pair of undercover Federal Bureau of Investigation agents posing as hedge fund traders.
Both face up to 20 years in prison if convicted of the conspiracy and wire fraud charges.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.