YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
A U.S. division of German insurance firm Allianz agreed to pay more than $6 billion for a "massive fraudulent scheme," according to federal investigators.
Allianz Global Investors allegedly manipulated investors to put $11 billion into complex funds. Investors allegedly were misled about the risk levels of the funds, according to CNN Business.
As part of the settlement, the company and three of its portfolio managers agreed to plead guilty to federal fraud charges.
Read more from CNN Business.
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