Allianz Global Investors US, an arm of parent company Allianz, agreed to pay $6 billion and pleaded guilty to charges of fraud and misleading investors, federal authorities announced Tuesday.
As part of an agreement with federal prosecutors in New York, Allianz Global Investors U.S. pleaded guilty to one count of securities fraud and admitted it lacked the necessary oversight and communication channels for several private investment ventures.
The Justice Department also charged three former portfolio manager of Allianz Global Investors US. Two of the three have pleaded guilty.
The Securities and Exchange Commission also charged Allianz Global Investors US and the three men, accusing them of civil securities fraud.
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