Former Allianz Fund Manager Pleads Guilty to Defrauding Investors – WSJ

A former Allianz fund manager who ran the investment group responsible for steep losses the firm suffered during the 2020 market meltdown sparked by the Covid-19 pandemic pleaded guilty to fraud charges.

Gregoire Tournant, the former chief investment officer at Allianz Global Investors U.S., pleaded guilty Friday before Judge Laura Taylor Swain in the U.S. District Court for the Southern District of New York to two counts of investment adviser fraud. He also agreed to forfeit about $17 million as part of his plea. He faces up to 10 years in prison and will be sentenced on Oct. 16.

Source: Former Allianz Fund Manager Pleads Guilty to Defrauding Investors – WSJ