Ex-Allianz fund manager pleads guilty in fraud case

Former Allianz fund manager Gregoire Tournant and his attorney Daniel Alonso arrive at United States Court in Manhattan where he was expected to plead guilty over his role in the 2020 collapse of the Structured Alpha funds, which led to $7 billion of investor losses and a $6 billion criminal settlement for Allianz, in New York City, U.S., June 7, 2024. REUTERS/Mike Segar

New York: A former Allianz SE hedge fund manager charged with fraud over billions of US dollars in investor losses has pleaded guilty to providing altered documents to hide the riskiness of the funds’ investments, two years after a unit of the company agreed to pay US$5.8bil in penalties.

At a hearing in federal court last Friday in Manhattan, Gregoire Tournant changed his plea and admitted to two counts of investment-adviser fraud in managing a group of hedge funds that collapsed during the pandemic.