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.
August 27, 2015