MOSCOW, March 23 (RAPSI) – The Moscow City Court has reduced an 8-year prison sentence passed on Sergey Khachaturov, the former vice-president of Russia’s largest insurer Rosgosstrakh for his role in a stock fraud and money laundering scheme causing 8 billion rubles (over $105 million) loss by 6 months, RAPSI has learnt in the court’s press service.

The court has therefore changed a lower instance’s ruling. Khachaturov is to serve 7.5 years in jail. Another defendant Nadezhda Klepalskaya is ordered to 5.5 years behind bars.

In January, the Second Cassation Court of General Jurisdiction overturned the Moscow City Court’s ruling of October 2020 mitigating the initial Khachaturov’s sentence by 4 years and imposing a 3.3-year suspended term on Klepalskaya.

They were convicted and sentenced in July 2020.  Moscow’s Dorogomilovsky District Court passed an 8-year prison sentence on Khachaturov. Klepalskaya 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. Besides, they embezzled over 5 billion rubles from Rosgosstrakh and laundered the money they got as a result of crime.