A court in Moscow on Thursday convicted US financier Michael Calvey of embezzling funds as part of a long-running and controversial court case that could see the billion-dollar investment fund director handed a stiff sentence. The former head of Baring Vostok, a $3.7-billion investment firm he founded, Calvey was accused of overstating the value of an asset as part of a financial transaction and misappropriating funds worth 2.5 billion rubles ($34.2 million). A judge at the Meshchansky Court in the Russian capital found him and his French business partner, Philip Delpalle, guilty of the charges in Thursday's hearing.