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Former Allianz employee spared prison time over $7 billion funds collapse (www.reuters.com)

submitted 1 month ago* (last edited 1 month ago) by [email protected] to c/[email protected]

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NEW YORK, Dec 6 - A former Allianz fund manager was spared prison time on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic that caused an estimated $7 billion of investor losses.

Gregoire Tournant, 57, of Basalt, Colorado, pleaded guilty in June to two counts of investment adviser fraud. He agreed to give up $17.5 million in ill-gotten gains, including bonuses that were inflated by his fraud. Chief Judge Laura Taylor Swain of the federal court in Manhattan sentenced him to 18 months home confinement and three years probation.

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[–] [email protected] 3 points 1 month ago

You know... A woman in Vietnam is getting the death penalty for this type of behavior.