Money Manager Arrested in Hack Scheme

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Updated Apr. 14, 2017 10:09AM EDT / Published Aug. 11, 2015 10:00AM EDT

A Russian-born money manager was arrested Tuesday in connection with an alleged insider-trading scheme in which hackers infiltratrated business-information services. Vitaly Korchevsky, 50, allegedly worked with hackers in Russia and Ukraine to access the servers of PRNewswire Association LLC, Marketwired, and Business Wire to gain confidential information about companies, and used it to perform trades. Korchevsky and co-conspirators allegedly stole more than 150,000 press releases. Authorities say they made $30 million on the trades.

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Money Manager Arrested in Hack Scheme