Banker Frederic Marino fights firm he founded over corruption charges
London — Nine years and one revolution after agreeing to manage more than $620m 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 stay at a five-star hotel in the British capital. Frederic Marino is accused by FM Capital Partners of taking more than $16m 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. FMCP alleges Marino and a former Julius Baer banker, Yoshiki Ohmura, conspired to improperly funnel money to themselves from the Libya Africa Investment Portfolio — a Libyan sovereign wealth fund. They gained commissions on long-term investments and shorter structured trades and then failed to disclose their actions to the company that Marino founded,...
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