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After Allianz Global Investors US Pleds Guilty Tournant Says Privileged Info Taken by DOJ

By Matthew Russell Lee, Patreon Maxwell Book
BBC-Guardian UK - Honduras - ESPN NY Mag

SDNY COURTHOUSE, June 2 –  A scandal of Allianz that has been brewing since the collapse of its investment funds as COVID set has given rise to guilty pleas of two cooperators, and the indictment of Gregoire Tournant, by Southern District of New York prosecutors on May 17.  

At issue are Allianz Global Investors U.S. LLC's Structured Alpha Funds; the cooperators are Stephen Bond-Nelson, who along with Tournant was discharged in late 2021, and Trevor Taylor.   

At 3 pm AGI pleaded guilty, and even got a sentencing date, in a peak of corporate personhood. Inner City Press live tweeted here and below.

Jump cut to June 2, when Gregoire Tournant was arraigned before SDNY Chief Judge Laura Taylor Swain. Inner City Press live tweeted here

Tournant pleads not guilty to all five counts. AUSA has has a GPS search warrant, and statements by Allianz

Judge: Submit a status letter by July 15. Defense lawyer Levine: And a conference in Sept. Deputy: Sept 15, 10 am. AUSA: We told the victims, and will.

Levine: This action has been tainted. The US took privileged info, turn his counsel into a witness 

AUSA: We'll brief it. It was corporate [not personal] counsel. Judge: Let's turn to bail conditions. AUSA: No contact with Bond-Nelson and Trevor Taylor without counsel present.

 Judge: I approve and memorialize. This is not a cooperative form. Are the account numbers Mr Tournant gave to Pre-Trial still the same? Yes. Adjourned.

[Chief Judge Swain also said if this goes to trial she may refer it to another District Judge, as she is still the judge in the Puerto Rico financial restructuring case.]

From May 17: OK - now the Alliance Global Investors US corporate guilty plea proceeding before   Judge Loretta A. Preska.

Judge Preska is sweating in and allocuting the lawyer. "I take it you went as far as law school?"

A: Yes. Judge Preska: Have you taken drugs or alcohol in the last 24 hours? A: No.

Judge Preska: Does the defendant [Allianz Global Investors] understand its rights?

 Judge Preska: I find that the defendant has knowingly waived its rights to a trial. US, summarize the agreement.

 AUSA: How high level do you want it? Judge Preska: For today, high level. AUSA: $463 million forfeiture. Restitution $3.2 billion. Fine of $2.2 billion

 AUSA: This only binds the Southern District.
 [Inner City Press has asked: Is BaFin in Germany going to sue?]

Allocation: AGI US through 3 portfolio managers made false and misleading statements. They failed to purchase hedging positions they represented they had

 Judge Preska: The plea is accepted. The defendant is now adjudged to be guilty. What about the pre-sentence report? AUSA: Sentencing November 17 at 2 pm before Judge McMahon.  Adjourned.

Earlier in the day, Inner City Press went to the SDNY press conference and asked if the US Attorney's Office anticipates seeking any jail time for Taylor and Bond-Nelson - who left his SEC interview, ostensibly for a bathroom break, and never came back.

Inner City Press has uploaded Bond-Nelson's cooperation deal to Patreon here.

  US Attorney Damian Williams replied that it is early in the cooperation so too early to tell. To Inner City Press' question about whether his Office worked with BaFin or other German authorities, he declined to say, emphasizing the collaboration of DOJ, the Postal Inspectors and SEC.

The prosecutors' statement of facts goes out of its way to say "The misconduct occurred only within the small Structured Products Group at AGI US. The Government’s investigation has not revealed evidence that anyone at AGI US outside of the Structured Products Group was aware of the misconduct before March 2020. The investigation also has not revealed that anyone at any other organizations that fell within the broader umbrella of the parent company Allianz SE was aware of or participated in the misconduct."  

  Allianz has previously been fined by the US OFAC for sanctions violations, and for example hit with penalties by the Bermuda Monetary Authority.

Inner City Press will stay on the case - watch this site.

The case is US v. Tournant, 22-cr-276 (Swain)


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