NEW YORK/MUNICH, May 17 (Reuters) –
Germany’s Allianz SE (ALVG.DE) will pay about $6 billion and its U.S. asset management unit will plead guilty to fraud over the collapse of its multibillion dollar Structured Alpha funds amid market turmoil triggered by the COVID-19 pandemic.
The U.S. Department of Justice, which announced the payout and plea, also said Gregoire Tournant, the former chief investment officer overseeing the Structured Alpha funds, is being indicted for conspiracy, securities fraud, investment advisor fraud and obstruction of justice.
According to court papers, Allianz Global Investors US LLC will plead guilty to a securities fraud charge, while the payout includes a $2.33 billion fine, $3.24 billion of restitution and $463 million of forfeiture.
www.sec.gov/news/press-release/2022-84
- WTF, Who Is Running Our Country?
- Are They Calling For An Insurrection?
- NATO Will Do Nothing if Russia Invades Estonia
- The Destruction of Future Generations is on Full Speed
- Todays SCOTUS ruling was the biggest gift to the DNC.
- Summer Preview: Rolling Blackouts, Higher Gas Prices, Natural Gas Rationing In Europe And A Historic Diesel Crisis
- The Gun Control Bill Has Passed The Senate 65-33
- Teachers are now ARMED in New Mexico, When asked if students felt safer, ALL students raised their hands. Every. Single. One.
- Buying an Illegal Gun in New York City Has Always Been Easy
- You Will Never See This on the News
Views: 25