Tournant lawyers said: 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., Greg Tournant has been unfairly targeted despite the fact that he was on extendedmedical leave during thesemarket events, and the funds had thrived under his leadership for the previous 14 years., The losses resulting from these market events were suffered by sophisticated institutional investors including Greg himself who had a considerable investment in the fund. Careers have been upended. Unfortunately, weve seen a recent string of cases in which derivatives and complex products have harmed investors across market sectors. Allianz is one of the worlds largest financial services companies and one of the worlds largest insurance companies. Allianz Global Investors US LLC was accused of misleading pension funds for teachers, bus drivers, engineers, religious groups and others by understating the funds' risks, and having "significant gaps" in its oversight. It turns out that Tournant and other fund managers behind Structured Alpha including longtime colleague Trevor Taylor previously ran into trouble during the 2008 financial crisis, with strategies that also involved options. Postal Inspection Service also announced today a plea agreement (the agreement) pursuant to which AGI will plead guilty to securities fraud in connection with this fraudulent scheme, and pay more than $3 billion in restitution to the victims of this fraud, pay a criminal fine of approximately $2.3 billion, and forfeit approximately $463 million to the government. Allianz Global Investors also failed to keep watch over Tournant, the New York prosecutors said, as they claimed the firm was asleep on the beat while the fund manager and his co-conspirators lined their own pockets by misleading pension funds. 80b-6 & 80b-17 (Count Three), Investment adviser fraud, 15 U.S.C. Arkansas Structured Alpha holdings reach a market value of $1.6 billion at the end of 2019, a significant portion of the $18.3 billion fund. 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 Alpha funds. 371 (Count One), Securities fraud, 15 U.S.C. We are shocked by the actions of Greg Tournant and his former colleagues.. Roman Frenkel was a first-hand witness to the Structured Alpha teams earlier failure when he worked at Innovative Options Management, the small Miami firm that Taylor founded and Tournant helped run briefly while continuing to manage money for Allianz. At the center of the debacle is Greg Tournant, 55, an equity-options whiz and one-time McKinsey & Co. consultant. Two other executives with the funds agreed to plead guilty and are cooperating with authorities. 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. This case is being handled by SDNYs Securities and Commodities Fraud Task Force. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Two years after the spectacular collapse of the insurance giants Structured Alpha hedge funds, a low-profile business registered in Florida, 5,000 miles from the Munich headquarters, the shock waves continue to reverberate. This material may not be published, broadcast, rewritten, or redistributed. The comments come after Allianzs $11bn Structured Alpha funds racked up $6bn in losses at the start of the pandemic, as its risky options strategy faltered in the face of stock market volatility at the start of Covid-19. I previously warned that the Department of Justice would crack down on corporate crime, without regard to size, salary or other privilege, said Deputy Attorney General Lisa O. Monaco. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The U.S. Justice Department and Securities and Exchange Commission have opened investigations. At the center of the debacle is Greg Tournant, 55, an equity-options whiz and one-time McKinsey & Co. consultant. The Aspen Daily News has chronicled Tournants real estate dealings with Snowmass Club condominium properties in, Tournant faces charges of conspiracy, securities fraud and obstruction of justice charges. In addition, the complaint seeks an officer and director bar against Tournant. 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. He earned a grade of A+, which is not easy in my class. Shares of Allianz closed up 1.7% in Germany, with the payout broadly matching reserves that the company previously set aside. Investing in Structured Alpha, Mr Tournant assured investors, was very, very different than if I had my own hedge fund firm where in some form or fashion I can overrule just about anything. 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 . I previously warned that the Department of Justice would crack down on corporate crime, without regard to size, salary or other privilege, said Deputy Attorney General Lisa O. Monaco in a statement. At the center of the debacle is Greg Tournant, 55, an equity-options whiz and one-time McKinsey & Co. consultant. Long before the pandemic, their small investment firm on Miamis Brickell Avenue, aka, Wall Street South, collapsed when its trades went bad, according to two former employees there foreshadowing what was to come. What goes up, must come down unless a portfolio manager simply fudges the numbers, sometimes simultaneously with comically simple math and a dizzying number of decimals. May The U.S. Department of Justice approaches Allianz for information on the funds. The group still operates 25 funds in its Structured Alpha family. Required fields are marked *. Taylor and Bond-Nelson have agreed to the entry of partial judgments against them in which they consent to injunctive relief with monetary relief to be determined by the court in the future. <>stream Tournant himself was heavily invested in the funds he managed and lost money along with clients, according to a person familiar with the matter. Wake up to today's headlines in your inbox. Taylor and Bond-Nelson also agreed to associational and penny stock bars. It did so by selling options that would pay out for the purchasers, and hurt Structured Alpha, if the S&P 500 plunged, the pension said. NEW YORK/MUNICH, May 17 (Reuters) - Germany's Allianz SE (ALVG.DE) agreed to pay more than $6 billion and its U.S. asset management unit pleaded guilty to criminal securities fraud over the collapse of a group of investment funds early in the COVID-19 pandemic. Its every investors dream: Make money when markets go up, and when markets go down, and even when markets go practically nowhere. Error! There was a problem saving your notification. 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. The settlement calls for Allianz to pay a $2.33 billion criminal fine, make $3.24 billion of restitution and forfeit $463 million, court papers show. While regrettable, the losses are not the result of any crime, they said. While Allianz made no secret of this arrangement, angry clients would later claim it was a recipe for bigger risks. Feb. 17 Allianz says it will set aside 3.7 billion euros ($3.90 billion) to deal with investigations and lawsuits. Its every investors dream: Make money when markets go up, and when markets go down, and even when markets go practically nowhere. The case has been assigned to U.S District Court Judge Laura Taylor Swain. Greg Tournant, Stephen Bond-Nelson and Trevor Taylor no longer work for AllianzGI, a spokesperson has confirmed to Citywire Selector. A spokesman declined to comment. Email notifications are only sent once a day, and only if there are new matching items. Exclusive news, data and analytics for financial market professionals, Reporting by Jonathan Stempel in New York and Tom Sims and Alexander Huebner in Munich United States v. Gregoire Tournant, 22 Cr. The funds once had more than $11 billion of assets under management, but lost more than $7 billion as COVID-19 roiled markets in February and March 2020. The Aspen Daily News has chronicled Tournants real estate dealings with Snowmass Club condominium properties in 2016, 2017 and 2019. The answer that emerges from court filings, Allianz marketing materials and people with first-hand knowledge of Structured Alphas investment strategy is a classic story of Wall Street salesmanship and greed, and a tale for these volatile times. But inside Allianz SE, where a handful of hedge fund managers claimed they could do just that, few grasped how wrong that dream could go. Allianz's alleged oversight lapses included a failure to ensure Tournant was hedging, though prosecutors said only people in his group knew of the misconduct before March 2020. 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. 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. All quotes delayed a minimum of 15 minutes. Be the first to know what's happening as it's happening. Thats according to the Arkansas Teacher Retirement System, which in February settled a suit over its Structured Alpha losses for $643 million. Prosecutors say that although Mr Tournant assured big investors safety was his top priority, he secretly took huge, undisclosed risks. Two of his top lieutenants, Stephen Bond-Nelson and Trevor Taylor, agreed to plead guilty and are cooperating with prosecutors. Mr Tournant also encouraged Mr Bond-Nelson, 51, to give false testimony to the agency. 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. 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. Allianz also assured investors that it was backstopping Structured Alphas risk-management processes. Tournant surrendered to Postal Inspectors in Denver, Colorado, this morning and is expected to be presented later today. Share & Print. But prosecutors said it was barely functional. But AGI, the master cop that Tournant claimed was watching over his shoulder, making sure that he adhered to his promises, was asleep on the beat, Williams continued. Mr Tournants group used equity-based options to market what he said was an all-weather strategy that would protect investors from losses in good times and bad. Disaster struck in 2008 when the collapse of Lehman Brothers rocked global finance, freezing up markets and with them, Innovative Options trades. It further alleges that, with assistance from Co-Lead Portfolio Manager, Trevor L. Taylor, and Portfolio Manager, Stephen G. Bond-Nelson, Tournant manipulated numerous financial reports and other information provided to investors to conceal the magnitude of Structured Alphas true risk and the funds actual performance. Bond-Nelson, at Tournant's direction, also lied to Allianz's in-house lawyers after the company learned about the altered reports and the SEC probe, prosecutors added. By December 2019, Structured Alpha had grown to more than $10 billion, according to a person familiar with the matter. 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. Investors are also told chief fund manager Tournant had been ill for weeks, according to lawsuits. July 21 Allianz publishes a paper saying that losses were not the result of any failure in the portfolios investment strategy or risk management processes. It has since been removed from the web. Thank you! It turns out that Tournant and other fund managers behind Structured Alpha including longtime colleague Trevor Taylor previously ran into trouble during the 2008 financial crisis, with strategies that also involved options. 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 . Allianz in February set aside $4.1 billion for the disaster, but the final reckoning is still due and could cost plenty more. Exclusive news, data and analytics for financial market professionals, Reporting by Jody Godoy 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. 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. "Greg Tournant has been unfairly targeted despite the fact that he was on extendedmedical leave during thesemarket events, and the funds had thrived under his leadership for the previous 14 years. "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. According to a law enforcement official, the only local legal interaction Tournant has experienced was in 2014, when he was issued a warning for failing to obey a traffic control device in Aspen. Roman Frenkel was a first-hand witness to the Structured Alpha teams earlier failure when he worked at Innovative Options Management, the small Miami firm that Taylor founded and Tournant helped run briefly while continuing to manage money for Allianz. 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. 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. "Our strategies are not race cars looking to speed their way to high returns. Other corporations should take note that the results here are driven in part by the fact that this company failed to self-report their crimes. Allianz Sets Aside $4.2B to Handle Probes, Lawsuits After Collapse of Investment Funds. 276 (LTS), Conspiracy to commit securities fraud, investment adviser fraud, and wire, 18 U.S.C. Assistant U.S. According to the allegations in the indictment and the agreement unsealed today in Manhattan federal court: Between 2014 and 2020, Gregoire Tournant, the defendant, was the Chief Investment Officer of a set of private funds at AGI known as the Structured Alpha Funds. His attorneys said the charges are an ill-considered attempt by the government to criminalise the impact of the unprecedented, COVID-induced market dislocation of March 2020. An email has been sent to with a link to confirm list signup. "The governments attempt to characterize them as such is not only unfairly damaging to Gregs reputation and livelihood, but extremely dangerous to the market as a whole," they continue. See here for a complete list of exchanges and delays. Instead of laddering with strike distances from -10% to -25% as represented to investors, the portfolio management team, at Tournants direction, generally purchased cheaper put options with significantly lower strike prices, the SEC complaint notes. Allianz on Tuesday announced plans to sell the bulk of the US piece of its Allianz Global Investors business to Voya Financial. g4e#tnvP]AI]p8abg\YFf\mWo5z@#:1S1f7+woI#6 {QO1DuFR_/ a@P'6{WB@ujKalGVW6jA5:!R,/*jn 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. March 3 Arkansas drops its lawsuit after settling for $642 million, according to a court document and board meeting minutes. 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. Deep-pocketed investors piled in. 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. Follow us for breaking news and latest updates, The Trend Micro Cybersecurity Knowledge Hub, 10 services and companies to help grow your business, Bank of England wont cut interest rates until Christmas but UK to avoid recession, Shares in Royal Mail owner jump 7 per cent after pay deal with union, UK inflation poised to slip out of the double digits for first time since last summer, Graham Linehan, AKA Glinner, banned from Twitter Again, No firms charged with failure to prevent tax evasion in 6 years heres why. 137 (PAE), Conspiracy to obstruct justice, 18 U.S.C. See here for a complete list of exchanges and delays. When the 2020 COVID-related market volatility revealed that AGI US and the defendants had misled investors about the funds level of risk, the fund suffered catastrophic losses and investors lost billions; the defendants all the while profited from their deception. The industry leader for online information for tax, accounting and finance professionals. Your article was successfully shared with the contacts you provided. x+ | March 27 Allianz says it remains committed to the fund franchise and the remaining funds are now well positioned, but Aon issues another report recommending a sell.. 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. Russia takes its war with Ukraine to Londons High Court as battle begins over a soured $3bn bond deal, Worlds top insurers to face aircraft leasers in High Court mega trial over planes seized by Russia. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. These funds were marketed largely to institutional investors, including pension funds for workers all across America. All rights reserved. Bond-Nelson pled guilty pursuant to an information before U.S. District Judge Paul A. Engelmayer on March 3. Portfolio managers Greg Tournant, Stephen Bond-Nelson and Trevor Taylor no longer work for Allianz Global Investors, a spokesperson has confirmed to Citywire Selector. No risk or compliance personnel at AGI verified, attempted to verify or were responsible for verifying that Tournant and his colleagues were purchasing hedging positions within the range that was represented to investors. Structured Alphas troubles continued after his departure. 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. March 31 One of the funds held by Arkansas loses 78% in the first quarter, compared to a 22% drop of its benchmark. Additional reporting by Luc Cohen in New York At Allianz Global Investors U.S., Tournant and his Structured Alpha team were incentivized to pursue outsized returns. At Allianz Global Investors U.S., Tournant and his Structured Alpha team were incentivized to pursue outsized returns. Allianz Global Investors US pleaded guilty to one count of securities fraud and agreed to pay about $US6 billion to resolve the case. While Allianz made no secret of this arrangement, angry clients would later claim it was a recipe for bigger risks. The department stands ready to keep bringing these kinds of charges to assure the public that no one is above the law.. 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.. 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. Allianz agreed to pay more than $6 billion in a settlement with U.S. authorities in May, and the German company's U.S. asset management unit pleaded guilty to securities fraud. The SEC said projected losses in one market crash scenario were changed to 4.15% from the actual 42.15%, simply by removing the "2.". All three men were also sued by the Securities and Exchange Commission. 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. 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. "No compliance system is perfect, but the controls at AGI didn't even stand a chance," Williams said. The SECs investigation was conducted by Jonathan C. Shapiro and James F. Murtha, and supervised by Reid A. Muoio of the Complex Financial Instruments Unit. Bond-Nelson declined to comment. Tournant and Taylor prospered at Allianz during the long bull market that followed the Great Recession. "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. Files are available under licenses specified on their description page. 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. In your inbox in your inbox learnt of it only after the pandemic.... Piece of its Allianz Global investors US pleaded guilty to greg tournant structured alpha Count of Securities fraud 15... To deal with investigations and lawsuits spokesperson has confirmed to Citywire Selector ;! 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