Appeals Court Upholds Conviction of Baptist Pastor in Insider Trading Scheme

The U.S. Court of Appeals for the Second Circuit has upheld the conviction of Vitaly Korchevsky, a former Baptist pastor and hedge fund manager, in an insider trading scheme. Korchevsky, who served as pastor of the Slavic Evangelical Baptist Church in Brookhaven, Pennsylvania, was convicted in 2018 for orchestrating a plot in which intermediaries paid hackers to access corporate press releases before their publication. These releases contained information about upcoming corporate events that could influence stock prices.

Korchevsky and co-defendant Vladislay Khalupsky, a securities trader, were convicted of conspiracy to commit wire fraud, securities fraud, computer intrusion, money laundering, and other related charges. Korchevsky was sentenced to five years in prison and ordered to pay $14.4 million in forfeiture and a $250,000 fine. Khalupsky received a 48-month prison sentence for the same offenses. Both men appealed their convictions, arguing that the evidence was insufficient, but the court rejected these claims on July 19, affirming the convictions.

Korchevsky, who was well-known in Russian- and Ukrainian-language communities, was also the leader of the Association of Slavic Baptist Churches USA since 2000. He had previously founded a hedge fund, NTS Capital Fund, which authorities alleged was used to facilitate illegal stock transactions. Additionally, he maintained a YouTube channel where he provided financial advice in Russian.

Congregants expressed shock upon learning of Korchevsky’s activities, referring to him as “a good pastor” and “the best preacher.” Some created a Facebook group to support and pray for him following his arrest. Korchevsky, born in Kazakhstan, lived in the Soviet Union until 1989, when he immigrated to the United States.

The case underscores the importance of accountability and the need for integrity in all spheres of life, including religious leadership. It serves as a reminder of the biblical call to pursue justice, mercy, and humble service. Micah 6:8 reminds us that God desires people to act justly, love mercy, and walk humbly with Him.

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