London court sentences bankers over Libyan wealth fund fraud

A former JPMorgan investment manager and an ex-Julius Baer banker were sentenced to a total of 11 years by a London Court for defrauding a Libyan sovereign wealth fund out of millions of dollars, Reuters reports.

According to the report, Frederic Marino, 56, and Yoshiki Ohmura, 47, were sentenced in their absence at London’s Southwark Crown Court for one count of conspiracy to commit fraud by abuse of a position of trust in relation to the Libya Africa Investment Portfolio (LAP).

Judge Tony Baumgartner said that Marino – as Chief Executive Officer of FM Capital Partners (FMCP), which prosecutors said managed around $800 million for the LAP – had “targeted the collective wealth of the Libyan people”, the report added.

Reuters