| As Allianz
Global Investors US Pleads Guilty Inner
City Press Asked of Cooperation &
BaFin
By Matthew
Russell Lee, Patreon Maxwell
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SDNY COURTHOUSE,
May 17 – A scandal of
Allianz that has been brewing
since the collapse of its
investment funds as COVID set
has given rise to guilty pleas
of two cooperators, and the
indictment of Gregoire
Tournant, by Southern District
of New York prosecutors on May
17.
At issue are
Allianz Global Investors U.S.
LLC's Structured Alpha Funds;
the cooperators are Stephen
Bond-Nelson, who along with
Tournant was discharged in
late 2021, and Trevor
Taylor.
At 3 pm AGI
pleaded guilty, and even got a
sentencing date, in a peak of
corporate personhood. Inner
City Press live tweeted here
OK - now the
Alliance Global Investors US
corporate guilty plea
proceeding before
Judge Loretta A. Preska.
Judge Preska is
sweating in and allocuting the
lawyer. "I take it you went as
far as law school?"
A: Yes. Judge
Preska: Have you taken drugs
or alcohol in the last 24
hours? A: No.
Judge Preska:
Does the defendant [Allianz
Global Investors] understand
its rights?
Judge
Preska: I find that the
defendant has knowingly waived
its rights to a trial. US,
summarize the agreement.
AUSA: How
high level do you want it?
Judge Preska: For today, high
level. AUSA: $463 million
forfeiture. Restitution $3.2
billion. Fine of $2.2 billion
AUSA: This
only binds the Southern
District.
[Inner City Press has
asked: Is BaFin in Germany
going to sue?]
Allocation: AGI
US through 3 portfolio
managers made false and
misleading statements. They
failed to purchase hedging
positions they represented
they had
Judge
Preska: The plea is accepted.
The defendant is now adjudged
to be guilty. What about the
pre-sentence report? AUSA:
Sentencing November 17 at 2 pm
before Judge McMahon.
Adjourned.
Earlier in the
day, Inner City Press went to
the SDNY press conference and
asked if the US Attorney's
Office anticipates seeking any
jail time for Taylor and
Bond-Nelson - who left his SEC
interview, ostensibly for a
bathroom break, and never came
back.
Inner City Press
has uploaded Bond-Nelson's
cooperation deal to Patreon here.
US
Attorney Damian Williams
replied that it is early in
the cooperation so too early
to tell. To Inner City Press'
question about whether his
Office worked with BaFin or
other German authorities, he
declined to say, emphasizing
the collaboration of DOJ, the
Postal Inspectors and SEC.
The prosecutors'
statement of facts goes out of
its way to say "The misconduct
occurred only within the small
Structured Products Group at
AGI US. The Government’s
investigation has not revealed
evidence that anyone at AGI US
outside of the Structured
Products Group was aware of
the misconduct before March
2020. The investigation also
has not revealed that anyone
at any other organizations
that fell within the broader
umbrella of the parent company
Allianz SE was aware of or
participated in the
misconduct."
Allianz
has previously been fined by
the US OFAC for sanctions
violations, and for example
hit with penalties by the Bermuda
Monetary Authority.
Inner City Press
will stay on the case - watch
this site.
The case is US v. Tournant,
22-cr-276 (Swain)
***
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