Ex-JPMorgan Banker Defrauded Libya Fund of Millions, Jury Told

Two former London bankers hired by Libya to manage hundreds of millions of dollars in investments are accused of defrauding the sovereign fund by funneling off cash for themselves.

Frederic Marino and Yoshiki Ohmura, conspired to commit fraud and undertook fraudulent trading between 2009 and 2014, prosecutors alleged at the start of a London trial. The pair deny all the charges.

Marino, an ex-JPMorgan Chase & Co. banker, helped set up asset management company FM Capital Partners Ltd. to manage money invested from the Libya Africa Investment Portfolio. While Ohmura, a former Julius Baer banker, had acted ...