At Allianz Global Investors U.S., Tournant and his Structured Alpha team were . They face long prison terms but could get far less time for their cooperation. Think Archegos, Long-Term Capital Management and the hedge funds whose collapse led to the demise of Bear Stearns. Regulatory filings show that both Greg Tournant and Stephen Bond-Nelson were removed from their positions as managers of Allianz Global Investors Structured Alpha hedge funds in December for 'violation of firm policies designed to ensure compliance with industry regulations and standards relating to the preparation and provision of client communications', and 'violation of firm compliance . An official website of the United States government. The other two portfolio managers - Stephen Bond-Nelson, 51, of Berkeley Heights, New Jersey; and Trevor Taylor, 49, of Miami - agreed to plead guilty to fraud and conspiracy, and cooperate with prosecutors. Allianz's settlements with the U.S. Department of Justice and U.S. Securities and Exchange Commission are among the largest in corporate history, and dwarf earlier settlements obtained under President Joe Biden's administration. "We have faith that the justice system will reject this meritless and ill-considered attemptby the governmentto criminalize the impact of theunprecedented,COVID-induced market dislocation of March 2020," Tournant's counsel, Seth Levine and Daniel Alonso, said in a joint statement on behalf of their client, who they say also had investment in the fund. The transition period will be ten weeks for the US mutual funds that AGI US sub-advises and four months for the US closed-end funds that AGI US advises. Disaster struck in 2008 when the collapse of Lehman Brothers rocked global finance, freezing up markets and with them, Innovative Options trades. In the finger-pointing that followed, some big investors accused the professional consultants they had hired to vet Structured Alpha of ignoring red flags and failing to understand what the funds were doing, according to lawsuits. As alleged, Gregoire Tournant and his co-conspirators lied to investors and secretly exposed them to substantial risk in order to line their own pockets and those of their employer, AGI, said U.S. Attorney Damian Williams in a statement. This case is being handled by SDNYs Securities and Commodities Fraud Task Force. According to an initial report by Bloomberg, the trio used to manage the Structured Alpha funds, but all left the company in December 2021, per company filings. Editor's note: This article has been updated to include the statement from Gregoire Tournant's legal team. The scheme alleged was an egregious, long-running and extensive fraud that went undetected for years. AGI US admitted that its conduct violated the federal securities laws and agreed to a cease-and-desist order, a censure and payment of $315.2 million in disgorgement, $34 million in prejudgment interest, and a $675 million civil penalty, a portion of which will be distributed to certain investors, with the amount of disgorgement and prejudgment interest deemed satisfied by amounts it paid to the U.S. Department of Justice as part of an integrated, global resolution. The group still operates 25 funds in its Structured Alpha family. Allianz also accepted a $675 million civil fine from by the SEC, one of that regulator's largest penalties since Enron Corp and WorldCom Inc imploded two decades ago. Instead of employing the usual formula for hedge-fund fees the 2 and 20 mix of management charges and a cut of profits they were compensated for one thing alone: performance. "From at least January 2016 through March 2020, the defendants lied about nearly every aspect of a highly complex investment strategy they marketed to institutional investors, including pension funds managing the retirement savings of everyday Americans. Investors allege Allianz and Structured Alpha abandoned risk controls and turned a challenging situation into a disaster by doubling down on a bad strategy. Allianz is still grappling with the fallout. 371 (Count One), United States v. Stephen Bond-Nelson, 22 Cr. The committee claimed Aon touted Structured Alpha as late as 2019 as one of its "highest conviction strategies," even as it failed to properly monitor the Allianz funds or find fraud under its nose. "Greg looks forward to vigorouslydefending himself in Court against these charges.". Mr Bond-Nelson lied repeatedly to SEC investigators during his testimony in May last year before taking a bathroom break and not returning. March 4 Allianzs annual report discloses that Allianz Chief Executive Oliver Baete earned 9% more in 2021 despite a cut in his bonus for the funds saga. Taylor and Bond-Nelson both entered guilty pleas, but the man allegedly at the head of the years-long fraud Tournant, former chief investment officer of Allianz is fighting the charges, according to national reports. Taylor pleaded guilty pursuant to an information before U.S. District Judge Denise Cote on March 8. Under that oversight, Allianz told CMERS that it had prepared the Funds for "highly unlikely 'what if' scenarios" by "developing mathematically pre-established portfolio Bloomberg Intelligence analysts predicted Feb. 18 that the insurers 3.7 billion euro provision wont likely be sufficient and that its legal costs might approach $6 billion. Investors allege they lost billions of dollars as a result of the collapse of Allianz's Structured Alpha hedge funds, which also prompted probes by U.S. regulators. Id like to thank and commend our staff for their excellent forensic work that uncovered this fraud and held the wrongdoers accountable.". Chief Executive Officer Oliver Baete expressed regret in February for Structured Alphas losses and said they will have a significant impact on the compensation of its directors. 6LinkedIn 8 Email Updates. The allegations come after Allianz agreed to a pay $6bn to investors and US regulators over the collapse of the Structured Alpha funds. The SECs complaint seeks permanent injunctions, disgorgement plus interest, and penalties against Tournant, Taylor, and Bond-Nelson. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. More than 100 institutional investors, representing more than 100,000 individuals, were victims of this scheme. After the COVID-19 market crash of March 2020 exposed the fraudulent scheme, the strategy lost billions of dollars as a result of AGI US and the portfolio managers misconduct. Its Alpha U.S. Equity 250 fund posted average annual returns of 10.9% between early 2005 and June 2018, compared with the S&P 500s 8.7% average annualized return over the same period, according to a 2018 marketing document. Investors were told the funds employed options that included hedges to protect against market crashes, but prosecutors said fund managers repeatedly failed to buy those hedges. The U.S.-French citizen appeared briefly in Denver federal court, and was released after agreeing to post a $20 million bond. By the end of March, Allianz announced it was liquidating two Structured Alpha funds. Aug. 4 Allianz discloses that the SEC is investigating. 2007 Arkansas' pension fund for retired teachers - which would later be the. Required fields are marked *. I would enthusiastically recommend him for any computer engineering position." For the second time in under a month, the department has brought charges in connection with a sophisticated Wall Street scheme that cost victims billions of dollars. As alleged, Tournant and his co-conspirators misled these investors into believing that the funds were protected from a sudden stock market crash with particular hedges. See here for a complete list of exchanges and delays. Two of his top lieutenants, Stephen Bond-Nelson and Trevor Taylor, agreed to plead guilty and are cooperating with prosecutors. As star performers at Allianz Global Investors US, Mr Tournant and Mr Taylor each earned $US51.3 million from 2016 to 2020 and Mr Bond-Nelson made $US12 million, according to the SEC. Allianz Sets Aside $4.2B to Handle Probes, Lawsuits After Collapse of Investment Funds. Secure .gov websites use HTTPS The insurer continues to pick up the pieces. Allianz spokesman John Wallace said Mr Tournant and his two lieutenants engaged in isolated but serious wrongdoing that led the company to pay billions of dollars in settlements. "Unfortunately, we've seen a recent string of cases in which derivatives and complex products have harmed investors across market sectors," SEC Chair Gary Gensler said in a statement. The insurer continues to pick up the pieces. Todays actions are further evidence that this office is not asleep on the beat and that with our law enforcement partners we will act swiftly to protect investors and bring white-collar criminals to justice.. Automobile Diminished Value: Is THAT Covered. Prosecutors and regulators revealed new details of how they say Mr Tournant, Mr Taylor, and Mr Bond-Nelson duped investors, consultants, colleagues and auditors. Another investor, the board of a pension fund run by the International Brotherhood of Electrical Workers, filed a lawsuit in 2020 that purported to identify what went wrong. In the complaint, the SEC describes Tournant as a resident of Miami, Florida except he also is a resident of Basalt, per reports in the Washington Post and The (Colorado Springs) Gazette. While Allianz made no secret of this arrangement, angry clients would later claim it was a recipe for bigger risks. Mr Tournant, the chief investment officer at Miami-based Structured Alpha, spent years smoothing performance data, lying about hedges against market downturns, and pretending risk managers at Allianz Global Investors US were carefully monitoring his every move, prosecutors charged in an indictment. "Greg Tournant has been unfairly targeted [in a] meritless and ill-considered attempt by the government to criminalize the impact of the unprecedented, COVID-induced market dislocation," the lawyers said in a joint statement. Tournant and Taylor prospered at Allianz during the long bull market that followed the Great Recession. Those funds ultimately collapsed, leading to billions of dollars of investor losses. Greg Byrd "Linas was in my C programming class (ECE 209) at NC State University. At the center of the debacle is Greg Tournant, 55, an equity-options whiz and one-time McKinsey & Co. consultant. New York City | He was a hedge fund manager supposedly under the watchful eye of a master cop an Allianz unit that policed his every move. But Tuesdays indictments are indicative of a harder line from the Justice Department regarding high-level fraud schemes. Prosecutors say that although Mr Tournant assured big investors safety was his top priority, he secretly took huge, undisclosed risks. surge" that had occurred in February 2018, Allianz said that "Structured Alpha's option portfolio is positioned for a strong improvement in the event of another February 2018-type move." Unfortunately for ATRS, Allianz departed from the Alpha Funds' investment mandate and disregarded the risk management protocols it was required to . He was at the top of the class, and his work was excellent in all respects. Feb. 18 Allianz announces bonus cuts for its CEO and board, and a settlement with a vast majority of investors. Portfolio managers Greg Tournant, Stephen Bond-Nelson and Trevor Taylor no longer work for Allianz Global Investors, a spokesperson has confirmed to Citywire Selector. Pensions funds for so many retirees, religious organizations and essential workers from laborers in Alaska, to teachers in Arkansas, to bus drivers and subway conductors here in New York City invested with AGI because they were promised a relatively safe investment with strict risk controls. 137 (PAE), Conspiracy to obstruct justice, 18 U.S.C. French-American citizen Gregoire Tournant earned $60m from his role as Chief Investment Officer at Allianz, as he lied to investors and misled them as to the risk of investing in the Structured. In early March of 2020, as he was grappling with the pandemics effect on his funds, Tournant went on medical leave for undisclosed reasons, the person said. A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. All rights reserved. It all came crashing down in the early, panicked days of COVID-19, when wild market swings upended an options strategy that was marketed as aiming to generate alpha regardless of market waves. During the first quarter of 2020, five Structured Alpha funds lost between 49% and 97% of their value, performance that investors contend in legal filings was far worse than similar strategies. Those investors included pension funds for teachers, clergy, bus drivers, engineers and others, the vast majority of whom live and work in the United States.. Unfortunately, weve seen a recent string of cases in which derivatives and complex products have harmed investors across market sectors. <>stream U.S. Attorney Damian Williams for the Southern District of New York and Inspector-in-Charge Daniel B. Brubaker of the New York Office of the U.S. Deep-pocketed investors piled in. Your article was successfully shared with the contacts you provided. In the complaint, the SEC describes Tournant as a resident of Miami, Florida except he also is a resident of Basalt, per reports in the Washington Post and The (Colorado Springs) Gazette. And those lower strike prices provided less protection to investors in the event of a short-term market drop.. January Global stock markets plunge amid fears of the spreading coronavirus. It expects a final agreement in the coming weeks. MAY 17 The DOJ announces Allianz has agreed to pay about $6 billion and its U.S. asset management unit will plead guilty to fraud. xXnF}Gn@@&Z+'>ihS R/.JWC]/6z%8_~qv)2/E~8ye&_?A_M$,'ic-M,a%RZ*xRlK7SDK?)]G9G v-A[;DnEjl9X"+u,a(\wDxZ*(#X=iU Allianz also assured investors that it was backstopping Structured Alphas risk-management processes. 276 (LTS), Conspiracy to commit securities fraud, investment adviser fraud, and wire, 18 U.S.C. Inbounds slide triggered at Snowmass; no one believed to be caught, FAA official: Changes needed at Aspen airport, Roaring Fork Valley Republican aims to unseat Boebert in primary, Mother Lode commercial space sells for $7M, Yogis and city of Aspen sign on the dotted line. Instead of employing the usual formula for hedge-fund fees the 2 and 20 mix of management charges and a cut of profits they were compensated for one thing alone: performance. For the discerning eye, the latter number is exactly half of the former. Structured Alpha 1000 and Structured Alpha 1000 Plus targeted returns of 10 per cent above three-month US Treasury bills. In late 2015, Mr Tournant allegedly grew frustrated with the cost of hedging, which was eating into returns. A dual U.S.-French citizen, he arrived at Allianz Global Investors in the early 2000s by way of Oppenheimer Capital. As the introductory phrase signifies, the entirety of the text of the indictment and the description of the indictment set forth in this release constitute only allegations, and every fact described should be treated as an allegation. Every single time we greatly benefited from the higher levels of volatility and were able to generate much higher returns in the following two or three months after the draw-down, Tournant said in a 2016 marketing video. Notably, as markets got more volatile, the funds could get more profitable, Allianz told clients, while warning that all investments entail risks. They included dozens of public and private pension plans for the likes of Blue Cross & Blue Shield and New Yorks Metropolitan Transportation Authority. Gregoire Tournant, the former chief investment officer who created and oversaw the now-defunct Structured Alpha funds, was also indicted for fraud, conspiracy and obstruction, while two other. By the end of March, Allianz announced it was liquidating two Structured Alpha funds. Feb. 3 Mohamed El-Erian, Chief Economic Advisor at Allianz, warns CNBC viewers not to buy the dip because the coronavirus crisis was without precedent. Allianz is still grappling with the fallout. Careers have been upended. All quotes delayed a minimum of 15 minutes. The over-the-counter spreads were so great, they couldnt close positions, said Frenkel, who was chief compliance officer for Innovative Options. At a news conference, U.S. Attorney Damian Williams in Manhattan said more than 100,000 investors were harmed, and that while American prosecutors rarely bring criminal charges against companies it was "the right thing to do. The conviction carried a 10-year ban on Allianz Global Investors providing advisory services to U.S.-registered investment funds. Mr Tournant and Mr Taylor worked together well over a decade ago when they were at Structured Alphas predecessor, Options Management, which had a similar strategy. Allianz, which also owns bond powerhouse Pacific Investment Management Co., has resolved some of its legal woes, including a February settlement with a majority of investors for undisclosed terms. Files are available under licenses specified on their description page. Those investors roughly 114 AGI clients who bought into the Structured Alpha funds, worth $11 billion at its peak represented the pension funds of teachers, bus drivers, subway conductors and clergy members and other charity workers across the country, according to the SEC complaint. Tournant, the former chief investment officer who created and oversaw Allianz's now-defunct Structured Alpha funds, was indicted in May on fraud, conspiracy and obstruction charges and. September Numerous other investors had by this point filed suits similar to Arkansas, and more followed. The star portfolio manager behind Allianz Structured Alpha funds faces decades in prison after he traded off Allianz good reputation to defraud investors of billions, US prosecutors have said. Thats according to the Arkansas Teacher Retirement System, which in February settled a suit over its Structured Alpha losses for $643 million. During the first quarter of 2020, five Structured Alpha funds lost between 49% and 97% of their value, performance that investors contend in legal filings was far worse than similar strategies. The U.S. Securities and Exchange Commission filed a parallel civil action today. July 20 Arkansas suit is filed with the U.S. Southern District of New York claiming $774 million in losses. guidelines." According to Tournant, Allianz SE was a "master cop" that closely monitored the Structured Alpha Funds' "every single move." 11. Instead, U.S. authorities say, Tournant sold lies to investors that cost customers, and now Allianz, billions of dollars, and resulted in a guilty plea to federal charges of securities fraud by Allianz Global Investors US. Catch up on the week's most-read stories. The insurer warned last month that ongoing probes by the Justice Department and SEC are at a sensitive stage and it couldnt yet predict the final price tag from regulatory settlements and private litigation. STAY CONNECTED Bond-Nelson declined to comment. The case has been assigned to U.S District Court Judge Laura Taylor Swain. Thats the allegation both the U.S. Justice Department and the U.S. Security and Exchange Commission make in an indictment released Tuesday. Prosecutors said the parent company played no role in the fraud and learnt of it only after the pandemic hit. May The U.S. Department of Justice approaches Allianz for information on the funds. The trade proved disastrous for the Allianz fund managers when the index tanked in late February, and global markets experienced their largest single-week declines since the height of the 2008 financial crisis, the board claimed. To avoid disruptions to these funds and for the protection of the fund investors, the SEC will allow a brief transition period solely to transition these services to another investment adviser. Attorneys Margaret Graham, Gina Castellano, Nicholas Folly and Richard Cooper are in charge of the prosecution. 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