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by Mike Caswell
A New York jury has convicted hedge fund manager Vitaly Korchevsky and a co-defendant for a massive newswire hacking scheme. The scheme targeted three newswire services, including Toronto's Marketwired LP. Prosecutors had claimed that Mr. Korchevsky and others made $30-million by trading on unpublished news releases. (All figures are in U.S. dollars.)
The jury entered the conviction on Friday, July 6, after a four-week trial in Brooklyn, finding the men guilty on all of the charges that they faced. Those charges are conspiracy to commit wire fraud, conspiracy to commit securities fraud and computer intrusion, conspiracy to commit money laundering, and two counts of securities fraud. Mr. Korchevsky and his co-accused, a trader named Vladislav Khalupsky, face up to 20 years in jail.
The verdict means that prosecutors have now obtained convictions or guilty pleas from six of the nine individuals charged for the scheme. (The other three remain wanted.) Nobody has been sentenced to date.
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