Korchevsky’s Sunday gig, Wall Street during the week, full-time crook
A federal judge in Brooklyn, N.Y., has ordered that Vitaly Korchevsky, a former Morgan Stanley vice president arrested for allegedly trading on confidential corporate information stolen by hackers in Ukraine, be released on $2 million bond.
Mr. Korchevsky, 50 years old, also will be required to pay a $200,000 cash deposit, surrender his and his family’s passports, wear an ankle bracelet for location monitoring and restrict his movements to certain parts of Pennsylvania and New York.
Prosecutors had pressed for the judge to keep Mr. Korchevsky detained in federal custody. They alleged that Mr. Korchevsky was one of the biggest beneficiaries of an elaborate scheme in which overseas hackers stole nonpublic corporate information stored in newswires’ systems and gave it to financial traders, who used the press releases to make lucrative bets.
Mr. Korchevsky alone made more than $17 million in profits from the insider-trading scheme, prosecutors allege, and $10 million of that already has been frozen by the government…Charges…include securities fraud and money-laundering conspiracy…
Mr. Korchevsky has been a Baptist pastor for decades, and dozens of his friends, family and congregants came to support him at Wednesday’s hearing—an estimated 80 to 90 people, according to Mr. Korchevsky’s lawyer Steven Brill. So many people packed into the Brooklyn federal courthouse that an overflow room had to be set up, which is unusual for a routine bail hearing. Some showed up from as far away as Spokane, Wash…
“If you don’t play ball, you’re going to disappoint a lot of people,” Judge Dearie said to Mr. Korchevsky, citing “the faith that hundreds of people have placed in him.”
Mr. Korchevsky is one of five defendants arrested in the U.S. for the alleged scheme. Criminal charges also have been filed against four others who are still at large in Ukraine. International warrants have been issued for their arrest.
Gotta love Korchevsky’s lawyer who claimed he was no flight risk because if he fled back to Ukraine he’d be leaving his wife and children behind in the US. Given the list of crimes he’s charged with, the “ethics” he ignored both on Wall Street and as a pastor, why presume he’s not above walking out on his family?
He’s handing over $200K to guarantee his presence at trial. Gee, that only leaves him with $7 million or so to take with him if he skips out on his family.