Reported 20 days ago
Gregoire Tournant, a former fund manager at Allianz, has been sentenced to 18 months of home confinement and three years of probation for his role in the collapse of private investment funds that led to an estimated $7 billion in losses for investors. Tournant pleaded guilty to investment adviser fraud and agreed to relinquish $17.5 million in ill-gotten gains. While prosecutors sought a seven-year prison sentence, the court took into account Tournant's health issues and expressions of remorse in deciding against incarceration.
Source: YAHOO