Reported 6 months ago
Gregoire Tournant, a former Allianz fund manager, pleaded guilty to two counts of investment adviser fraud in a hearing before Chief Judge Laura Taylor Swain in the federal court in Manhattan. Tournant faces up to 10 years in prison and agreed to forfeit $17.5 million in ill-gotten gains related to the $7 billion collapse of Allianz's Structured Alpha funds in March 2020. The collapse led to significant losses for investors, and Tournant was accused of misleading investors, providing deceptive information, and obstructing an SEC probe. Allianz previously paid over $6 billion to resolve government investigations into the collapse. Tournant, who previously pleaded not guilty to various charges, has now admitted to his wrongful conduct.
Source: YAHOO