Reported 11 months ago
Former Allianz SE hedge fund manager, Gregoire Tournant, pleaded guilty to providing altered documents to conceal the riskiness of the funds' investments, resulting in billions of dollars in investor losses. The plea comes after a unit of Allianz paid $5.8 billion in penalties. Tournant, who faced charges including securities fraud and conspiracy to obstruct justice, changed his plea to guilty on two counts of investment adviser fraud. He is set to be sentenced on Oct. 16. Tournant and two other managers were involved in managing hedge funds that incurred significant losses during the pandemic, leading to investigations by US regulators and legal actions.
Source: YAHOO