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U.S. investor convicted in Russia

Aug. 6, 2021 Updated Fri., Aug. 6, 2021 at 7:20 p.m.

MOSCOW – A court in Moscow convicted a prominent U.S. investor on charges of embezzlement and handed him a suspended sentence on Friday, a verdict he deplored as “deeply unfair.”

Michael Calvey was accused of embezzlement from the Russian bank Vostochny, in which his investment firm Baring Vostok had a controlling stake. He denied any wrongdoing.

The Meshchansky District Court in Moscow gave Calvey a 5½-year suspended sentence.

The prosecution alleged that Calvey took a loan of $37 million from the bank and that in turn he transferred to the bank his shares in a company called IFTG that he said were worth the amount of the loan but were actually worth far less.

Dow, S&P 500 both hit records

NEW YORK – Wall Street capped a choppy week of trading Friday with broad gains, which helped push the S&P 500 and Dow Jones Industrial Average to record highs.

The S&P 500 rose 0.2%, a day after setting another all-time high. Every major index notched a weekly gain after slipping last week.

Some of the sharpest action happened in the bond market, where Treasury yields tend to move with expectations for the economy and for inflation.

The yield on the 10-year Treasury climbed to 1.31% from 1.21% late Thursday, clawing back all the losses it sustained over the last week.

From wire reports

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