"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.