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U.S. man detained in Moscow

MOSCOW (AP) — A veteran U.S. investment fund manager was detained in Moscow today and faces fraud charges in a case that’s likely to rattle the Russian business community.

Michael Calvey, founder and senior partner at Baring Vostok equity firm, was detained alongside two other fund managers in the morning, and a Moscow court is expected to rule on their arrest later today.

The Basmanny court said Calvey, who has been working in Russia since 1994, and five other people, including two Baring Vostok managers, face charges of fraud. The Interfax news agency cited an investigator telling the court today that Calvey is suspected of embezzling 2.5 billion rubles ($37 million) from Vostochny Bank, where Baring Vostok has a controlling stake.

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