Vitaly Korchevsky, a 50-year-old pastor of the Slavic Evangelical Baptist Church in Brookhaven, Pa., was charged by federal prosecutors as "the linchpin of a sprawling financial and hacking conspiracy."

He is free on a $2 million dollar bail after 80 supporters convinced the judge of the defendant's strong community and religious ties.

Korchevsky pleaded innocent to charges of wire fraud conspiracy, securities fraud conspiracy, securities fraud and money laundering. As reported earlier, he was the alleged ringleader in a scheme to hack into computer systems of Marketwired, PR Newswire and Business Wire where they stole newsletters that allowed them to take advantage of stock market insider trades.

The group is said to have netted $100 million, with Korchevsky reportedly raking in $17.5 million.

Source: SCMagazine