Former Allianz fund manager Gregoire Tournant pleaded guilty to investment adviser fraud charges related to the $7 billion losses in private funds during the COVID-19 pandemic meltdown. Tournant misled investors about fund risks, altered performance data, and obstructed an SEC probe. Allianz agreed to pay $6 billion to resolve the case, with two other managers also pleading guilty. Tournant had previously denied the charges but changed his plea.
