Deals
The London Fund Manager, Libya and the $230,000 Hotel Bill
- Ex-Bear Stearns banker sued for work as fund manager for Libya
- Frederic Marino says pay increases were approved by directors
The Lanesborough hotel in London.
Photographer: Matthew Lloyd/BloombergThis article is for subscribers only.
A London banker hired by Libya to manage more than $800 million is being sued over claims he misappropriated assets the country had invested before the revolution to support a lavish lifestyle.
Frederic Marino was sued by FM Capital Partners over the losses he was allegedly responsible for while running the fund. Marino approved millions of pounds in bonuses and other payments from 2009 through 2014 even as the value of the assets in the fund slumped by $64.6 million, according to documents in FMCP’s lawsuit released last week, which haven’t been previously reported.