Wednesday, 26 April 2017
Last updated 1 day ago
Jun 10 2010 | 9:46am ET
Unlike her boyfriend and alleged co-conspirator, the former Walt Disney Co. secretary accused of trying to sell insider information to hedge funds won’t see the inside of a jail cell.
A federal judge allowed Bonnie Hoxie to remain free on $50,000 bail yesterday. Hoxie first posted the bond last month, after she and boyfriend Yonni Sebbag were arrested in Los Angeles.
By contrast, another judge in New York on Tuesday ordered Sebbag held without bail. Sebbag’s lawyer did not contest the prosecution’s request that his client be remanded.
Hoxie did not speak at the hearing yesterday. He lawyer noted, “the allegations are just allegations.”
Those allegations are that Sebbag and Hoxie tried to sell advanced information about Disney’s earnings to about 20 hedge funds, as well as other investment firms.
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.