Pastor Vitaly Korchevsky bail set at $2 million in Brooklyn

A federal judge in Brooklyn, N.Y., set bail at $2 million Wednesday for Vitaly Korchevsky, the Delaware County pastor and money manager described by federal prosecutors as the “linchpin” of a global insider-trading scheme, after 80 of Korchevsky’s supporters urged that he be allowed to remain free.
At a detention hearing, U.S. District Judge Raymond Dearie said he was persuaded to grant Korchevsky bail “given the faith that hundreds of people have put in him.”
Korchevsky, 50, of Brookhaven, was one of nine people charged earlier this month by federal prosecutors in Brooklyn and Newark, N.J., in connection with an alleged alliance of hackers and traders who tapped corporate press releases before they became public and traded on the information.
Regulators said the conspiracy netted the group about $100 million. Korchevsky is alleged to have made $17 million.

“The defendant was the linchpin of a sprawling financial and hacking conspiracy that spread two continents and affected markets throughout the world,” Brooklyn prosecutors said in a letter to Dearie on Tuesday. The crime has “shaken securities issuers” globally, they said.

Read more at http://www.philly.com/philly/business/20150827_Pastor_s_bail_set_at__2_million.html#rd5Cjs5C0f71uyDW.99

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