MOSCOW, October 16 (RAPSI) – The Moscow City Court on Friday reduced prison sentence passed upon Sergey Khachaturov, former vice-president of Rosgosstrakh, the largest insurer in Russia, for his role in a stock fraud and money laundering scheme causing 8 billion rubles (about $104 million) loss from 8 to 4 years, RAPSI learnt from the court.

Another defendant Nadezhda Klepalskaya, who had received 6 years in jail, was ordered to a mitigated 3-year suspended term and 4-year probation.

Maria Blagovolina, Khachaturov’s lawyer, earlier told RAPSI that the sentence was unjustified and contradictory. The court ignored the evidence and arguments presented by the defense, the conviction just copied the indictment, she said.  

In July, Moscow’s Dorogomilovsky District Court passed an 8-year prison sentence on Khachaturov. Nadezhda Klepalskaya who was indicted along with Khachaturov in this case was given 6 years in prison.

According to case papers, Khachaturov acting in conspiracy with Klepalskaya and several other persons misappropriated assets of an investment foundation worth almost 2.3 billion rubles (about $30 million at the current exchange rate). Besides, they embezzled over 5 billion rubles ($65 million at the current exchange rate) from Rosgosstrakh and laundered the money they got as a result of crime.