Cybersecurity
Pastor Convicted Over International Hacking, Insider-Trading
- Prosecutors said scam stretched from Pennsylvania to Ukraine
- Ring hacked company press releases, then traded on inside tips
Vitaly Korchevsky is escorted in handcuffs from his home in Glen Mills, Pennsylvania, on Aug. 11, 2015.
Photographer: Peter Foley/Bloomberg
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A Pennsylvania pastor on trial for insider trading was found guilty for his role in an international scam that made him millions of dollars off hacked drafts of company press releases.
Vitaly Korchevsky, a former Morgan Stanley vice president, was convicted of pocketing at least $14 million from 2011 to 2015 by trading securities on information he gleaned from earnings reports and other market-moving announcements stolen by Ukrainian hackers before they were released publicly.