Developer Dodges Prison For Role In Hack-Based Trading Plot

Law360, New York (June 17, 2019, 9:30 PM EDT) -- A Georgia real estate developer on Monday avoided prison for his involvement in a $30 million scheme to trade stocks based on information stolen from press release distribution companies, with a New York federal judge citing the defendant's extensive cooperation with prosecutors.

At an afternoon hearing in Brooklyn, U.S. District Judge Raymond Dearie sentenced Alexander Garkusha, 51, who lives outside Atlanta, to time served, noting Garkusha's "thorough" and "compelling" testimony in the successful prosecution of former Morgan Stanley vice president and hedge fund manager Vitaly Korchevsky and former broker-dealer Vladislav Khalupsky.

Garkusha previously copped to wire fraud conspiracy, admitting that while...

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