NEW YORK CITY: Baptist Pastor Convicted In Massive Insider Trading Hacking Scheme, Faces 20 Yr Sentence
A federal jury in Brooklyn, New York today convicted two men for their roles in an international scheme to make millions of dollars by illegally trading on corporate press releases that were stolen by computer hackers before they became public. Vitaly Korchevsky, a Pennsylvania pastor and former Morgan Stanley (MS.N) vice president, and co-defendant Vladislav Khalupsky were each found guilty on two securities fraud and three conspiracy counts, a spokesman for U.S. Attorney Richard Donoghue in Brooklyn said.
The defendants had been among 10 people, including seven traders and three Ukraine-based hackers, criminally charged in Brooklyn and New Jersey over what U.S. authorities have called the largest known hacking scheme to game financial markets. Authorities said more than 150,000 press releases were stolen from Business Wire, Marketwired and
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