A former JPMorgan investment manager and an ex-Julius Baer banker were sentenced to a total of 11 years by a London court on Monday for defrauding a Libyan sovereign wealth fund out of millions of dollars.
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).
Marino, formerly head of JPMorgan’s alternative investment emerging market group, was sentenced to seven-and-a-half years in prison. He had pleaded not guilty but was convicted after a trial, which he did not attend.
