Tuesday, 30 September 2014
Last updated 2 min ago
Aug 24 2010 | 11:38am ET
One of the two people accused of trying to sell insider information about the Walt Disney Co. to hedge funds has pleaded guilty to his role in the scheme.
Yonni Sebbag pleaded guilty to conspiracy and wire fraud today in Manhattan. He faces almost three years in prison when he is sentenced, and agreed to forfeit $15,000 as part of his plea deal. He is not cooperating with prosecutors in the case against his girlfriend and alleged co-conspirator, Bonnie Hoxie, who has pleaded not guilty to the charges.
Sebbag faces deportation to his native Morocco upon the completion of his sentence.
Sebbag admitted that he 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.
Sebbag has remained jailed in New York since his arrest in Los Angeles in June.
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...