Komfie Manalo, Opalesque Asia: Agents of the Federal Bureau of Investigation have arrested Russian hedge fund manager Vitaly Korchevsky for allegedly pilfering and profiting more than $30 million from unreleased financial news hacked from companies including Toronto-based Marketwired L.P.
The Securities and Exchange Commission (SEC) said in statement that Korchevsky and three others, along with at least five "co-conspirators," profited from trades using illegally obtained information contained in confidential and non-public corporate press releases.
Korchevsky started his own hedge fund NTS Capital Fund LP, in Glen Mills Pennsylvania in 2011, reported Business Insider. The SEC has also included NTS Capital as a defendant in the case.
Prior to setting up NTS Capital, Korchevsky worked in the asset management division of Morgan Stanley in 1999, assisting in the management Invesco American Value funds. He transferred to Victus Capital in New York until 2005.
32 individuals involved in international insider trading ring
The SEC said that a total of 32 individuals, including two Ukrainian men, have been charged with securities fraud involving the hacked information. Those charged hacked into newswire services to obtain the information who allege...................... To view our full article Click here
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