Ex-Bankers Get Jail Terms for Libya Sovereign Fund Fraud

A French former JPMorgan Chase & Co. banker was sentenced in absentia to seven and a half years in prison for his role in an £11.4 million ($15.3 million) scheme to defraud a Libyan sovereign wealth fund.

Frederic Marino, 59, was found guilty of fraud through breach of trust by a jury at Southwark Crown Court in London earlier this week. Yoshiki Ohmura, 50, a former Julius Baer banker, stood trial alongside Marino and was also found guilty of fraud and sentenced to three and a half years on Wednesday.