UK court finds financiers guilty of defrauding Libyan sovereign wealth fund

12/08/2022 | 06:45am

LONDON (Reuters) - A former JPMorgan investment manager and an ex-Julius Baer banker were found guilty in a London court on Thursday of defrauding a Libyan sovereign wealth fund out of millions of dollars by paying hidden fees to their own offshore companies.

Frederic Marino, 56, was chief executive officer of FM Capital Partners (FMCP), which managed hundreds of millions of dollars for the Libya Africa Investment Portfolio (LAP), when he dishonestly extracted investment fees with the help of 47-year-old Yoshiki Ohmura.

(Reporting by Sam Tobin, Editing by Kylie MacLellan)

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