A former Allianz fund manager was spared prison time on Friday over his role in a meltdown of private investment funds sparked by the Covid-19 pandemic that caused an estimated $7 billion of investor losses.
Gregoire Tournant, 57, of Basalt, Colorado, pleaded guilty in June to two counts of investment adviser fraud. He agreed to give up $17.5 million in ill-gotten gains, including bonuses that were inflated by his fraud.