One of the world's biggest insurers admits to multibillion-dollar fraud affecting MTA employees.
Allianz will pay $6 billion in forfeiture, restitution and fines over a years-long scheme by one of its U.S. unit to hide excessive risk in a series of fundsA U.S. unit of one of the world's biggest insurers will plead guilty to a years-long fraud in its investment funds, worth billions of dollars, that affected New York City bus drivers and subway conductors among others.
The blockbuster plea from Allianz Global Investors U.S. LLC , a wholly owned subsidiary of the German insurer Allianz SE, includes $6 billion in forfeiture, restitution and fines. According to a Statement of Facts that AGI US accepted as part of the plea deal, the company engaged in a scheme for at least six years to understate the risk being taken by its Structured Alpha Funds, overstate the level of supervision of those taking the risk, and conceal information about the risk.
When markets tanked at the onset of the pandemic in March 2020, investors lost billions of dollars in the funds.
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