Baring Vostok founder Michael Carvey, charged with fraud by Russia

Russian prosecutors have formally charged Michael Calvey, the founder of Baring Vostok private equity group, with fraud, his lawyer Dmitry Kletochkin said on Thursday. Calvey, a U.S. citizen, and several other senior executives were arrested last week on suspicion of defrauding Vostochny Bank shareholders. They deny the allegations and say the case is being used to apply pressure in a business dispute.