Bankers jailed for 11 years for defrauding Libyan Africa Investment fund
A former JPMorgan investment manager and an ex-Julius Baer banker were sentenced to a total of 11 years by a London court for stealing millions of dollars from the Libyan Africa Investment Portfolio (LAIP).
According to an inside source of LAIP, 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 (LAIP).
Judge Tony Baumgartner said that Marino – as Chief Executive Officer of FM Capital Partners (FMCP), which prosecutors said managed around $800 million for the LAIP – had “targeted the collective wealth of the Libyan people”, the report added.
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