A Morroccan man charged in the daffy scheme to peddle Disney financial secrets to hedge funds pleaded guilty Monday to insider trading charges.
Yonni Sebbag, 30, pleaded guilty to two federal crimes and faces a prison sentence of 27-to-33 months.
Sebbag and his girlfriend were charged last May with offering hedge funds an advanced look at Disney’s second quarter earnings report for money.
Bonnie Hoxie had access to the information as the secretary to Disney’s head of corporate communications, Zenia Mucha.
Hoxie and Sebbag were busted after she sent e-mails asking him to buy her an $700 Stella McCartney bag and expensive shoes with their ill-gotten gains.
Hedge funds who were contacted by the pair tipped off the FBI who set up an undercover operation.
In Manhattan Federal Court, Sebbag said he disclosed “material, non public information” about Disney to outside investors in an agreement “with others.”
As part of his plea, Sebbag agreed to forfeit $15,000. His plea does not include an agreement to cooperate with prosecutors.
According to court papers lawyers for Sebbag and Hoxie have been in plea negotiations since their arrest.
Sebbag’s attorney Steve Kartagener said the plea was a fair resolution for his client.
Hoxie’s next court date is Wednesday.
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