On Monday, London’s Southwark Crown Court sentenced Frederic Marino, 56, and Yoshiki Ohmura, 47, to a combined 11 years in prison for defrauding the Libya Africa Investment Portfolio (LAP) out of millions of dollars. Marino, the former head of JPMorgan’s alternative investment emerging market group and CEO of FM Capital Partners (FMCP), was sentenced to seven-and-a-half years. Judge Tony Baumgartner described Marino as “a greedy, corrupt and manipulative man who thought very little, if nothing, of how your offending might affect others… and who would have gone on to continue offending had you not been caught out.” Ohmura, the ex-global head of structured investments at Julius Baer company Global Asset Management, was sentenced to three-and-a-half years. His absence from the sentencing hearing showed his “lack of remorse,” according to the judge. Marino’s business partner at FMCP, 47-year-old Aurelien Bessot, who pleaded guilty almost two years before the trial began, was sentenced to 15 months’ imprisonment, suspended for two years. Prosecutors said after the hearing that the total value of the conspiracy was over $11 million.
Financiers jailed 11 years for stealing from Libyan fund.
