Pastor in Hacking, Insider-Trading Scheme Must Serve Five Years

A Pennsylvania pastor convicted of fraud for trading off of hacked drafts of company press releases was sentenced to five years in prison, prosecutors said.

Vitaly Korchevsky was found guilty last year of pocketing $14 million from 2011 to 2015 by trading securities on information gleaned from earnings reports and other market-moving announcements stolen by Ukrainian hackers before they were released publicly.

Korchevsky, a former Morgan Stanley vice president, was also ordered to forfeit $14.4 million and pay a $250,000 fine by U.S. District Judge Raymond Dearie in Brooklyn, New York, prosecutors said.

His co-defendant, trader Vladislay Khalupsky, was sentenced ...