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by Mike Caswell

New York Judge Raymond Dearie has ordered the release of Vitaly Korchevsky, the "linchpin" in a $100-million hacking scheme that targeted three newswire services, including Toronto's Marketwired LP. (All figures are in U.S. dollars.) Mr. Korchevsky, 50, appeared before the judge on the afternoon of Wednesday, Aug. 26. The judge granted his release on terms that include a $2-million bond and home detention.

Judge Dearie allowed the release despite pleas from prosecutors to keep Mr. Korchevsky in jail. In a letter to the judge they said he participated in a crime that has "shaken securities issuers throughout the world." They also cited his ties to the hacking community and its ability to create false identities.

The judge, however, was persuaded by Mr. Korchevsky's lawyers to permit the trader's release. In an Aug. 25 letter, they portrayed Mr. Korchevsky as a prominent member of the Slavic Baptist Church who stood to lose substantial assets were he to flee before his trial. Moreover, they pointed out that he was a citizen of the United States and not of any other country.

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