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Moscow Court Sentences 'Shadow Bankers' Group Leaders to 8.5 Years

© Sputnik / Maksim Bogodvid / Go to the photo bankBanknotes printed at a printing factory of the Federal State Unitary Enterprise “Goznak” in Perm
Banknotes printed at a printing factory of the Federal State Unitary Enterprise “Goznak” in Perm - Sputnik International
A court in Moscow sentenced on Wednesday two "shadow bankers" taking the leading positions in the criminal group, which transferred over 100 billion rubles ($1.6 billion) out of the country.

Police officers cordon off the territory near a Citibank office on Bolshaya Nikitskaya Street in central Moscow, where a man took hostages and threatens to blow up the building - Sputnik International
Investigators Press Charges Against Moscow Bank Hostage Taker
MOSCOW (Sputnik) — A court in Moscow sentenced on Wednesday "shadow bankers" Sergei Magin and Vadim Rybalchenko, taking the leading positions in the criminal group, which transferred over 100 billion rubles ($1.6 billion) out of the country, to 8.5 years in penal colony.

"To recognize Magin guilty and impose penalty by sentencing him for a term of eight years and six months with service of sentence in a general regime penal colony, [sentence] Rybalchenko for eight years and six months," a judge said, also imposing on both of them fines of 1.5 million rubles.

Magin and Rybalchenko were recognized as organizers of the criminal community, engaged in illegal cashing in of money and transferring it abroad, charging a 0.5-2 percent commission for their services.

The legal case involve 12 people, five of them are detained. It took the court three days to deliver the verdict.

Magin, known in financial circles as Serezha-Two-Percent, and his right-hand Rybalchenko were arrested in July 2013.

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