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Attorney Steven Brill Successfully Argues for Release of Vitaly Korchevsky on Bail
Deemed the first case of its kind, the federal government has alleged that Mr. Korchevsky traded on insider information that had been hacked by individuals located in the Ukraine. According to the federal government, Mr. Korchevsky, along with his codefendants, gained close to $100 million as a result of this allegedly illegal trading.
The government sought to detain Mr. Korchevsky claiming that he is a risk of flight given the profits that he allegedly made. Despite Steven Brill’s efforts to present a reasonable bail proposal to assure Mr. Korchevsky's appearance in court, the government remained inflexible and unwilling to agree to any bail. Accordingly, a bail hearing was conducted at 10:00 am this morning before the Honorable Raymond Dearie. During the hearing, Mr. Brill argued to have Mr. Korchevsky released on certain bail conditions. The government sought to have him held without bail. At the conclusion of the hearing, Judge Dearie issued an order releasing Mr. Korchevsky upon the signing of a $2 million bond secured by property, cash and several sureties. In addition, Mr. Korchevsky will be required to remain on home detention for the pendency of the case.
Mr. Korchevsky is an ordained minister in the Slavic Baptist religion. He has been a member of that church since he left Russia as a religious refugee in 1989. Since he has been in the United States, he has developed a following that extends from coast to coast and several countries throughout the world. He is a prominent Baptist preacher, and his supporters appeared and showed their support this morning, which no doubt made an impression on Judge Dearie and was a factor in his decision to grant Mr. Brill's request for bail.
Mr. Korchevsky pled not guilty. He and his legal team intend to vigorously defend each charge of cybercrime an insider trading. The government indicated that it expects to turn over close to 1 million pages of discovery. Given the seriousness and magnitude of the charges, Mr. Brill praised Judge Dearie’s decision as appropriate to protect Mr. Korchevsky’s right to effectively defend himself from these baseless charges.
Sullivan & Brill, LLP is a premier New York criminal defense firm that has been providing dedicated and dynamic legal counsel since 2001. Their skilled legal team has built a reputation for navigating even the most serious and high-profile of cases and diligently pursuing the best possible outcome for the clients who rely on them.
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