Tuesday, 30 September 2014
Last updated 3 hours 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...