Sunday, 1 March 2015
Last updated 1 day ago
Feb 23 2011 | 6:35am ET
Former Walt Disney Co. secretary Bonnie Hoxie won't spend a day in jail for her role in an insider-trading scam that sought to sell the company's secrets to hedge funds.
Hoxie received just three years' probation and four months' house arrest on the conspiracy and wire fraud charges, to which she pleaded guilty in September. But even the latter isn't quite as tough as it sounds: Hoxie, a former assistant to Disney's head of corporate communications, will be allowed to keep her jobs waitressing at two Los Angeles restaurants.
Hoxie also must complete 100 hours of community service.
The sentence is much lighter than that imposed on her former boyfriend, Yonni Sebbag, who received 27 months in prison at his sentencing last month. U.S. District Judge Alvin Hellerstein explained that Hoxie was "a vulnerable person and she was manipulated by someone who thought to gain something quick."
But manipulation can run both ways: Sebbag allegedly cooked up the scheme, which involved sending letters offering the confidential information to some 20 hedge funds, as well as other investment firms, after Hoxie told him she wanted expensive shoes and purses.
Hoxie herself explained that she was "blindsided by love."
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…