UK financiers guilty of stealing from Libya fund, sentenced to prison

LONDON, England: A former JPMorgan investment manager and an ex-Julius Baer banker were sentenced to 11 years in prison by London’s Southwark Crown Court for defrauding a Libyan sovereign wealth fund.

Frederic Marino, 56, and Yoshiki Ohmura, 47, were sentenced in their absence for one count of conspiracy to commit fraud by abuse of a position of trust in relation to the Libya Africa Investment Portfolio.

Marino, formerly head of JPMorgan’s alternative investment emerging market group, was sentenced to seven-and-a-half years in prison.

Judge Tony Baumgartner said that as chief executive officer of FM Capital Partners, which prosecutors said managed some $800 million for the Libya Africa Investment Portfolio, Marino had "targeted the collective wealth of the Libyan people."

Ohmura, ex-global head of structured investments at Julius Baer company Global Asset Management, who helped dishonestly extract investment fees from Libya Africa Investment Portfolio, was sentenced to three-and-a-half years.

The judge had previously issued a warrant for Marino’s arrest in October, for failing to appear at the trial.

Bessot had cooperated with the prosecution, offered to give evidence against his co-defendants and was "truly remorseful," Judge Baumgartner said.

After the hearing, prosecutors said that the total value of the conspiracy was over $11 million.