Vitaly Korchevsky, head of the Slavic Evangelical Baptist Church in Brookhaven, Pa. Was arrested as a key suspect Tuesday for his involvement in a $100 million international insider-trading ring with strong ties to alleged hackers in Kiev.
He’s reported to have pocketed around $17.5 million using illegal inside information.
So here’s what happened: allegedly, Korchevsky formed an alliance with hackers who stole $150,000 corporate earnings reports prior to them being made public.
He then ran some of his trades through brokerage accounts NTS Capital, a hedge fund launched in 2011 by him and his wife, Sventlana, prosecutors said.
Korchevsky earned his background in investment advisement between 2005 and 2009 as a registered investment adviser with SEC. However, his illegal behavior started to surface in 2011 –soon after joining the church. The first trade detailed was Aug. 3, 2011.
How about he allegedly bought 1,100 put options that earned him a profit of $2.3 million!
A few months following, $400,000 from his brokerage account was allegedly used to buy real estate near Glen Mills, Pa. And later that year, court documents suggest that the rest of the money was used to buy more real estate.
So what’s going on now?! NY Post reports that judges are rebutting each others decisions in order to treat this case with the care it deserves.
A Brooklyn federal court judge overturned a Philadelphia magistrate judge’s order that would have freed the pastor on a $100,000 bond. His bail order has been frozen. Initially, the pastor’s wife told Magistrate Judge Linda Carapacca that traveling abroad was part of his religious duties in order for his bond to be approved.
Judge Brian Cogan wasn’t having that! He stayed her order and Korchevsky will remain in custody until at least next week, awaiting a bail hearing in Brooklyn.
The pastor isn’t alone; he is one of nine facing criminal charges. So far, five are in custody, and four remain at large outside the US.
As far as his illegally purchased real estate following Korchevsky’s arrest, the government executed seizure warrants on 10 pieces of property he owns as well as $5.4 million in bank and brokerage accounts.
Someone pray for this man!
Source: NY Post, http://nypost.com/2015/08/13/pastor-saved-souls-by-day-stole-millions-at-night-feds/
TSR intern: Chantel P. Instagram: @_POPchanny | Twitter: @POPchanny