City fund managers sentenced to 12 years for $8m fraud

Three fund managers have been sentenced to a total of 12 years and three months following their conviction for a fraud which resulted in losses of $8.45m to the Libyan Sovereign Wealth Fund. A seven year National Crime Agency investigation, which began after one of the fund managers, Frederic Marino, walked of a 2014 meeting with financial auditors and fled to Norway, found that Yoshika Ohmura, Aurelien Bessot and Marino had abused their positions to conduct fraudulent trades whilst managing the fund worth around 822m. Marino and Ohmura were sentenced to 7 years 6 months and 3 years 6...