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Fund Manager Fighting to Keep $16 Million in Libyan Bonuses

  • FMCP says banker’s ‘secret commissions’ were skimmed from fund
  • Frederic Marino says payments on work for Libya were ‘proper’
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Nine years and one revolution after agreeing to manage more than $620 million of Libyan funds, a London banker is in court fighting the firm he founded, and defending fees he used for a lifestyle that included a 165,000-pound ($232,000) stay at a five-star hotel in the British capital.

Frederic Marino is accused by FM Capital Partners of taking more than $16 million in secret commissions between 2009 and 2014, seeking and sharing bribes and of abusing his position as one of the directors of the firm. Marino denies the allegations, saying the money given to him for trades made outside the fund were “standard market practice,” according to his court filings.