A former U.S. hedge fund manager has been sentenced to five years in jail, fined and ordered to forfeit millions for his role in an insider trading scheme that involved hacking into the major U.S. newswires to steal and front-run corporate news announcements. Former fund manager Vitaly Korchevsky was sentenced to 60 months in prison, fined $250,000 (all figures in U.S. dollars) and ordered to forfeit $14.4 million after he was convicted in a U.S. federal court of securities fraud, conspiracy to commit securities fraud, computer intrusion and wire fraud.