Man Who Tried Selling Disney Earnings Report Sentenced to 27-Month Prison Term
Yonni Sebbag will be deported once he completes his time behind bars.
Yonni Sebbag, one of two people who tried to sell confidential information about a Disney financial report, will serve 27 months in prison then be deported to his native Morocco.
U.S. District Judge Kimba Wood pronounced sentence on Sebbag on Friday after his attorney failed to convince Wood that his client's punishment should consist merely of the eight months he has already served in jail.
Sebbag and his girlfriend, Bonnie Hoxie, admitted that they tried to sell information from a quarterly earnings report prior to its public release. Hoxie, who is scheduled for sentencing Feb. 22, had access to the information because at the time she was executive assistant to Disney senior vp of corporate communications Zenia Mucha.
The pair's scheme, which even Sebbag's attorney called "harebrained," unraveled when they sold the information for $15,000 to an undercover FBI agent. In fact, none of the 33 investment companies Hoxie and Sebbag reached out to took the bait, and many of them contacted authorities.
Sebbag's sentence also stipulated that he return the $15,000.
Court papers indicated that Sebbag was a restaurateur who tried to keep his failing business afloat through day trading and gambling and, eventually, by attempting to sell insider information about Disney that Hoxie might gather.
Bloomberg contributed to this report.