Man pleas guilty to Disney insider trading

He admits to selling company's financial secrets

The boyfriend of a former Disney executive assistant pled guilty in a New York court Monday to charges that he tried to sell company secrets.

Yonni Sebbag, a citizen of Morocco, and his ex-girlfriend Bonnie Jean Hoxie were charged in May with conspiracy to commit securities fraud and wire fraud.

“I agreed with others to commit securities and wire fraud,” Sebbag, 30, said in court, reading from a statement. “As part of this, I disclosed material and non-public information about the Walt Disney company to outside investors.”

Prosecutors say Hoxie sent information about Disney’s second-quarter earnings to Sebbag, who then offered the tips to hedge funds, eventually selling them to an undercover FBI agent. Prosecutors also allege that Sebbag offered to providing reports regularly for a share of the profits the investment manager obtained from trading on the illegal information.

If found guilty, Sebbag is likely to be sentenced to 27-33 months in prison. Hoxie, a former assistant to Mouse House corporate communications head Zenia Mucha, has not yet entered a plea. Sentencing for Sebbag is scheduled for Nov. 16.

(Associated Press contributed to this report)

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