Vitaly Korchevsky used to be a Vice President for Morgan Stanley and took part in a huge securities fraud scheme. In essence, he hacked into an archive of business press releases that had not been made public to traders, took action based on the information in them, and hauled in about $100 million when everyone else got the news.
Korchevsky himself made $17 million (though he has pled not guilty to charges).
But instead of heading to jail, he’ll be released on bond because the judge took note of his religious leadership:
In deciding to release Mr. Korchevsky, U.S. District Judge Raymond Dearie appeared to be influenced by his close community and religious ties.
Mr. Korchevsky has been a Baptist pastor for decades, and dozens of his friends, family and congregants came to support him at Wednesday’s hearing — an estimated 80 to 90 people, according to Mr. Korchevsky’s lawyer Steven Brill…
Judge Dearie said the level of support for Mr. Korchevsky was “somewhat unprecedented.”
“If you don’t play ball, you’re going to disappoint a lot of people,” Judge Dearie said to Mr. Korchevsky, citing “the faith that hundreds of people have placed in him.”
Korchevsky will be released on $2 million bond, $200,000 in cash, have his and his family’s passports taken away, wear an ankle bracelet, and be limited in movement.
But he ain’t going to jail.
In a letter Tuesday, [lawyer Steven] Brill said Korchevsky is a “prominent figure in the Slavic Baptist Church — both nationally and worldwide,” as well as chairman of an association of 28 churches and 4,000 members.
“He has traveled far and wide to preach to congregations in all parts of the world,” Brill said.
I guess that makes his crime perfectly acceptable then…
It is good to be rich and religious, isn’t it?