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AP National Business

Prosecutors: NYC investment adviser blamed in $5B fraud

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Published 9:49 AM

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — Federal authorities say bus drivers and charitable groups were among victims who lost $5 billion from private investment funds once worth $11 billion. Conspiracy, securities fraud and obstruction of justice charges were brought Tuesday against the former chief investment officer of a series of funds at Allianz Global Investors, one of the world’s largest financial services and insurance companies. And authorities said a U.S. subsidiary of Allianz would plead guilty to charges and pay billions of dollars in fines and restitution. An indictment charged Gregoire Tournant with defrauding investors in a series of investment funds managed by Allianz from 2014 through March 2020. Tournant turned himself in Tuesday morning in Denver. Tournant’s lawyers said he was unfairly targeted.

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