Allianz Global Investors US, a New York investment adviser wholly owned by the German insurance giant, will plead guilty to a single count of securities fraud and will pay, along with its parent company, more than $5 billion to victims. The total payout, including a $1 billion fine to the U.S. Securities and Exchange Commission, is covered by provisions the company has already taken, it said.
“As a result of this scheme to defraud, investors’ funds were exposed to higher risk than promised, and investors were deprived of information about the true risks to which their investments were exposed,” according to the Tournant’s indictment. Allianz had set aside 5.6 billion euros to resolve the lawsuits and government probes tied to the funds. The charges are a “fair estimate” of the exposure, the company said earlier this month. All charges announced Tuesday are covered by the provisions, an Allianz spokesman said.
Tournant told investors that Allianz was “one of the largest and most conservative insurance companies in the world” and was monitoring every position that he took as a “master cop,” according to the court filing.
I am super excited right now, I can now pay my bills and take good care of my family.. Thank you for bringing happiness to my home with just $5000 i got $50,000 in 7days Williamchurch07
Philippines Philippines Latest News, Philippines Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: dailymaverick - 🏆 3. / 84 Read more »
Source: dailymaverick - 🏆 3. / 84 Read more »
Source: dailymaverick - 🏆 3. / 84 Read more »