So, Bonnie and Yonni did what any master criminal would not do. On March 5, they sent letters to dozens of investment companies announcing they had "access to Disney's quarterly earnings report before its release on 5/30/10" and they were willing "to share this information for a fee." Unbeknown to Bonnie and Yonni, many hedge funds reported receiving the letter to the SEC. So began what will be a journey to jail for Bonnie and Yonni. The FBI stepped in, gave Yonni $15,000 for the information and then arrested the both of them.
Saturday, May 29, 2010
Not exactly master criminals
Bonnie Jean Hoxie worked in the corporate communications department of the Walt Disney Co. She wanted to buy expensive shoes and clothes, but neither she nor her boyfriend, Yonni Sebbag, could afford them. They had read somewhere that most investors would like to be the first to know what the earnings of company x will be next quarter. Well, Bonnie felt confident that she would know Disney's earnings for the next quarter before they were released to the public. Hence, there was an opportunity to make some money to satisfy her clothing needs.
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