Allianz hit with $6bn fine over fund manager fraud

Misled investors on risky investments

clock • 1 min read
Investor documents were rewritten to downplay the risky nature of Structured Alpha investments.
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Investor documents were rewritten to downplay the risky nature of Structured Alpha investments.

European insurance and financial services giant Allianz has been hit with a more than $6bn fine over fraudulent conduct within its US asset management unit (AGI US) exposed at the outset of the Covid pandemic.

The Allianz settlement with the US Department of Justice and Securities and Exchange Commission (SEC) is considered to be one of the largest in corporate history. According to the SEC, which bro...

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