Russian businessman gets 9 years in US prison for hack-and-trade

BOSTON - A Russian businessman with ties to the Kremlin was sentenced on Thursday to nine years in a U.S. prison after being convicted of participating in a $93 million insider-trading scheme involving hacked secret earnings information about multiple companies.

"The defendant's massive gains here came out of other investors' pockets," Assistant U.S. Attorney Seth Kosto said during the sentencing hearing. "That does real injury to American markets." Asked after the sentencing hearing if Klyushin would be a good candidate for a prisoner swap with Russia, his lawyer Maksim Nemtsev told reporters that his client "potentially" would be, but that he had no personal knowledge of whether that was being discussed.

Ermakov was charged along with Klyushin and three other Russian nationals with carrying out the hack-and-trade scheme. Only Klyushin has faced trial after he was apprehended in Switzerland during a ski trip in 2021 and extradited to the United States. Klyushin plans to appeal his conviction. Klyushin individually netted more than $34 million in the scheme, prosecutors said. The judge on Thursday ordered Klyushin to forfeit that money, though she suggested it was unlikely most of it would ever be collected.

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