(Bloomberg) -- Two former London bankers were convicted of defrauding Libya out of millions of dollars by a London jury, bringing an end to a case that has spurred several civil and criminal suits. 

Frederic Marino and Yoshiki Ohmura, were on trial in London for allegations of conspiring to commit fraud between 2009 and 2014. The jury found both men guilty at Southwark Crown Court on Thursday following an eight-week trial. 

Marino, an ex-JPMorgan Chase & Co. banker, helped set up asset management company FM Capital Partners Ltd. to manage money invested from the Libya Africa Investment Portfolio. While Ohmura, a former Julius Baer banker, had acted as a mediator to FMCP.

Marino arranged for fees from the funds to be paid through offshore companies while Ohmura assisted him through a company, which channeled the “secret profits” after taking a cut, the prosecutors said at the start of the trial in October.

Marino was head of JPMorgan’s alternative investment emerging market group in early 2009.

The payments, which were worth over $14 million and €1.3 million ($1.4 million), involved 17 investments made by the Libyan fund to four investment banks between 2009 and 2011. Some of the siphoned off money was used to pay people off who were aware of his scheme and demanded their “slice of the cake.” All of this was done without the knowledge of the fund.

A third banker, Aurelien Bessot, a director of FM Capital Partners, who wasn’t part of the trial but was on the indictment, had already pleaded guilty, the jury was told at the verdict hearing. 

The sentencing will take place on Feb. 10 and Judge Tony Baumgartner said a jail term was “almost inevitable.” Marino wasn’t present for the entirety of the trial. 

“These three fraudsters were calculating in committing offenses that left the people of Libya out of pocket by approximately £46 million for purely selfish and greedy purposes to fund their lavish lifestyles,” Andrew West, a prosecutor at the Crown Prosecution Service, said. 

Lawyers for Ohmura and Marino didn’t immediately respond to a request for comment.

(Updates with CPS comment in ninth paragraph)

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