A former JPMorgan Chase & Co. banker has been sentenced in London for defrauding Libya’s sovereign wealth fund, following a re‑trial that secured convictions for three fund managers involved in losses of £11.4 million.

Frederic Marino, 59, was convicted of fraud through breach of trust by a jury at Southwark Crown Court and sentenced in absentia to seven and a half years in prison, according to Bloomberg. Yoshiki Ohmura, 50, a former Julius Baer banker, was also found guilty of fraud and received a three and a half year sentence.

The Crown Prosecution Service said the three defendants defrauded a hedge fund and the Libyan Investment Authority, a sovereign wealth fund established in 2006 to manage the country’s oil revenue reserves and diversify national income. Prosecutors described how Marino and Aurelien Bessot set up FMCP to invest fund assets, then arranged deals to maximise personal rewards rather than returns for Libya. Direct losses to the fund totalled approximately £11.4 million, with money laundered through shell companies and assisted by Ohmura.

Andrew West, specialist prosecutor for the Crown Prosecution Service, said: “These three fraudsters were calculating and opportunistic in committing offences that left the people of Libya out of pocket by approximately £11.4 million for purely selfish and greedy purposes to fund their lavish lifestyles.” He added: “They showed a complete disregard for the important position they held to make investments work for their clients who were looking to diversify away from solely oil revenues.”

The CPS said Marino later ran a hedge fund operation in London, collecting undeclared finder fees for investments made on behalf of the Libyan fund. The proceeds were moved through a network of shell companies, with Ohmura supporting the laundering of these funds. Bessot had earlier pleaded guilty to one count of fraud by abuse of position of trust, and the re‑trial of Marino and Ohmura followed a procedural issue in the first trial where the jury was incorrectly told of Bessot’s plea.

Bloomberg reported that Marino was sentenced in absentia and that the jury returned its verdicts earlier in the week. Ohmura was sentenced on Wednesday.

The CPS thanked the National Crime Agency for its investigation and said it remains committed to tackling large‑scale financial fraud.

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