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by Mike Caswell
A New York judge has turned down a request by hedge fund manager Vitaly Korchevsky to access a portion of the $5.4-million that the government froze as part of his criminal prosecution. (All figures are in U.S. dollars.) Mr. Korchevsky, who is one of those charged in a massive newswire hacking scheme, had sought access to the money to pay $619,060 in state and federal taxes. The judge has ruled that the taxes are a personal obligation, and one that should not be satisfied with the alleged proceeds of crime.
The money is frozen as part of a case in which prosecutors claim that Mr. Korchevsky and others profited from a hacking scheme that targeted three newswire services, including Toronto's Marketwired LP. According to the government, he made $17-million as he and others obtained unpublished news releases from the wire services. He allegedly entered more than 600 unlawful trades based on those releases. As part of the case, the government intends to seek the forfeiture of several bank and brokerage accounts that it has frozen, as well as $5.5-million in real estate holdings. (The list includes a shopping centre in Pennsylvania and an apartment building in Georgia.)
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