Banker denies wrongdoing

A London banker hired by Libya to manage more than $800m is being sued over claims he misappropriated assets the country had invested before the revolution to support a lavish lifestyle.

Bloomberg News reports that 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 $64.6m, according to documents in FMCP’s lawsuit, which haven’t been previously reported.

Marino is accused of using a note restructuring and performance and management fees for his own benefit before he was terminated in November 2014. He allegedly racked up expenses on a company credit card for a helicopter ride, clothes and restaurant bills. He also spent $230,000 at the five-star Lanesborough Hotel, including $59,451 on parking, the fund says in the suit.

"We’re just trying to solve this mess, so I don’t think I can talk about it," Marino, 49, said on the doorstep of his west London home last week.

Marino, a former Bear Stearns and JPMorgan Chase & Co. banker, said in filings that substantial increases in his salary and bonus had been approved at board meetings attended by directors representing the Libyan government. FMCP hasn’t provided proof of the sums spent on the company credit card, he said.

To access the complete Bloomberg News article hit the link below:

The London Fund Manager, Libya and the $230,000 Hotel Bill

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