Allianz to pay $6 bln over Structured Alpha fraud, fund manager charged ...Middle East

Germany's Allianz SE 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.

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