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"Pastor, ex-Morgan Stanley VP convicted over international hacking, insider-trading"
onwallstreet.financial-planning.com
"A 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...
Prosecutors say Korchevsky, a pastor at a Philadelphia-area Slavic Evangelical Baptist Church, played a central part in the scam, which included as many as 10 traders and hackers in the U.S. and Ukraine. The case featured an unusual intersection of securities fraud, cybercrime and religion...
The group made millions of dollars by trading on information about companies including Panera Bread, Caterpillar, Home Depot and Advanced Micro Devices.
The hackers stole as many as 150,000 press releases from organizations such as PR Newswire Association, Marketwired and Business Wire from about 2010 to 2015."
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