Russian court reduces suspended sentence for US investor Michael Calvey

By Elena Teslova

MOSCOW (AA) - A court in Moscow on Thursday decided to reduce the suspended sentence for US investor Michael Calvey in an embezzlement case to four years and four months.

The Judicial Board for Criminal Cases of the Second Cassation Court said in a statement that additionally established mitigating circumstances were taken into account – "full admission of guilt, remorse for what was done."

In August 2021, Calvey was found guilty of defrauding Vostochny Bank of 2.5 billion rubles ($30.2 million) and given a 5 1/2 year suspended sentence.

During the term, he is allowed to travel but is required to register monthly with the Federal Penal Enforcement Service of Russia, and should inform authorities about intentions to change his permanent place of residence.