Man pleads guilty in Disney insider trading case

A man accused with his girlfriend of operating a "brazen" insider trading scheme involving Walt Disney stock pleaded guilty to conspiracy and fraud charges on Monday.

Yonni Sebbag, 30, faces a possible 27- to 33-month prison term under U.S. federal sentencing guidelines. Sebbag, a citizen of Morocco, has been held in custody since his May 26 arrest.

Last May, prosecutors accused Sebbag and his girlfriend Bonnie Hoxie, an assistant to Disney's corporate communications chief, of trying to sell inside information about the company to more than 30 U.S. and European hedge funds. Several funds reported these efforts to authorities.

At Monday's hearing in New York, Sebbag admitted that he "agreed with others to commit securities fraud and wire fraud.

"I obtained confidential non-public information about the Walt Disney Company and sent it to outside investors by email," he said.

Investigators alleged that Hoxie used her position to gain confidential information about Disney, and that she and Sebbag would then email the hedge funds, hoping to trade the information for money.

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This information included details about upcoming financial results and possible advanced talks over a sale of Disney's ABC television network, prosecutors said. Disney in May said references to such talks "were and are false."

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The U.S. Securities and Exchange Commission filed separate civil charges in May.

While it was unclear from the complaints what motivated the duo, the SEC said Hoxie told Sebbag she had her eye on a $700 Stella McCartney designer handbag and a pair of shoes.