NEW YORK, June 7 (Reuters) – A former Allianz (ALVG.DE), opens new tab fund manager pleaded guilty on Friday over his role in a meltdown of private investment funds sparked by the pandemic that caused an estimated $7 billion of investor losses.
Gregoire Tournant, 57, of Basalt, Colorado,to two counts of investment adviser fraud at a hearing before Chief Judge Laura Taylor Swain of the federal court in Manhattan.
He faces up to 10 years in prison at his Oct. 16 sentencing. Tournant also agreed to give up $17.5 million in ill-gotten gains, including bonuses that were inflated by his fraud.
Source: REUTER
