These are Russia’s charges against American investment manager Michael Calvey, and here’s why he says it’s all baloney

What prosecutors say: First Collection Bureau (PKB), a company owned by the American investment manager Michael Calvey, borrowed 2.5 billion rubles ($37.7 million) from Vostochny Bank. Instead of repaying that loan, Calvey transferred his shares in another company called IFTG to Vostochny Bank in February 2017, telling the bank’s board of directors that the shares were worth nearly 3 billion rubles ($45.3 million). In February 2019, Vostochny Bank board member Sherzod Yusupov went to the Federal Security Service (FSB) and accused Calvey and the other participants in the deal of deceiving him. The FSB says it then verified these allegations, finding an audit assessment allegedly stating that IFTG was worth just 600,000 rubles ($9,050), not 3 billion rubles. Prosecutors say this is how Calvey and his accomplices committed fraud.