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A former Allianz fund manager pleaded guilty on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic, and which according to prosecutors caused $7 billion of investor losses. Gregoire Tournant admitted to two counts of investment adviser fraud, at a hearing before Chief Judge Laura Taylor Swain of the federal court in Manhattan. Tournant's case stemmed from the March 2020 collapse of the German insurer's now-defunct Structured Alpha funds, which Tournant had created and oversaw as chief investment officer.
On Thursday morning in California, after less than two days of deliberations, jurors in a San Francisco courtroom told the judge they had a unanimous verdict.