Saturday, 20 September 2014
Last updated 1 day 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.